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Community Leader
Senior Contributor
StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: So Disappointed, Discouraged and Simply Sad ;-(

The case number is really assigned to a specific property right when you make application for the mortgage.

 

If you go to another lender to purchase the same property, the case number and appraisal transfer to the new lender. Normally it is a smooth process. It can get rocky but that is the sign of an unprofessional lender (that would be the lender that is losing the deal). Most of the time it is just a routine transfer.

 

If you are not purchasing the same property, then the case number and appraisal do not transfer to the new lender. It stays with the property. If a new buyer comes in to purchase that property, they have to use that appraisal. The appraisal and case number stay with the property for six months (this applies to FHA only).  

New Contributor
keyelove
Posts: 58
Registered: ‎03-30-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(


StartingOver10 wrote:

The case number is really assigned to a specific property right when you make application for the mortgage.

 

If you go to another lender to purchase the same property, the case number and appraisal transfer to the new lender. Normally it is a smooth process. It can get rocky but that is the sign of an unprofessional lender (that would be the lender that is losing the deal). Most of the time it is just a routine transfer.

 

If you are not purchasing the same property, then the case number and appraisal do not transfer to the new lender. It stays with the property. If a new buyer comes in to purchase that property, they have to use that appraisal. The appraisal and case number stay with the property for six months (this applies to FHA only).  


Thanks for the info - just to clarify. If we decided to go with a total different property, does the previous underwriter's notes follow us in FHA connection?


Starting Score: TU - 556 & EF - 552 & EXP - 591
Current Score:TU - 614 & EF - 573 & EXP - 591
Current Score 6/14/13 (MyFico):TU-98 - 631 & EF - 643 & EXP-08 - 633
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Community Leader
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StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: So Disappointed, Discouraged and Simply Sad ;-(

[ Edited ]

No. New property. New case number. New appraisal.

 

However, not saying you did this, if there was any fraud in the application with the old lender, that would be a problem. Example: tax returns supplied to the lender don't match IRS return.  That was never your issue so you should be ok.

 

If I were you, I would make sure to have clean bank statements before your next purchase. OD protection is not meant to be used to plug holes in cash flow. It is to be used only in the case of an error in your account register. If you don't use a register (or some accounting program) to track your debits and credits, then do that. It will save you a ton of money and stress. The u/w looks at mulitple OD's as financial irresponsibility. The way around it is to show you have learned how to handle your accounts without OD's. That is the only fix.

 

Otherwise, you are good to go. If you had a specific issue with the old loan that the underwriter mentioned and it has to do with your finances and not the prior property, just make sure you have that taken care of prior to your new application.

New Contributor
keyelove
Posts: 58
Registered: ‎03-30-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(


StartingOver10 wrote:

No. New property. New case number. New appraisal.

 

However, not saying you did this, if there was any fraud in the application with the old lender, that would be a problem. Example: tax returns supplied to the lender don't match IRS return.

 

Otherwise, you are good to go. If you had a specific issue with the old loan that the underwriter mentioned and it has to do with your finances and not the prior property, just make sure you have that taken care of prior to your new application.


Thanks for the quick reply. No there is absolutely no hanky panky going on here. I had an issue with the overdraft on my checking account. So I want to make sure my next set of statements are super clean before I do anything else if the CEO says no on Monday. Other than that everything else is exactly the same as before. Just don't want to raise a red flag with the new lender (if we go this route) about overdraft if we're corrected the issue.


Starting Score: TU - 556 & EF - 552 & EXP - 591
Current Score:TU - 614 & EF - 573 & EXP - 591
Current Score 6/14/13 (MyFico):TU-98 - 631 & EF - 643 & EXP-08 - 633
Current Score 6/14/13 (Lender Pull):TU - 704 & EF - 643 & EXP- 674
Goal Score: 680


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Community Leader
Senior Contributor
StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: So Disappointed, Discouraged and Simply Sad ;-(

Yes, I just amended my answer because I looked at the first post again.

 

It is an easy fix for you. Two months of clean statements, or so, and a LOE should do it.

New Contributor
keyelove
Posts: 58
Registered: ‎03-30-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(

Just a sidebar to the topic of fraud. If someone was silly enough to post on these boards to get around an issue fradulently, that be a bad mistake. Believe it or not the creditors and such read these boards. I posted a detailed issue about my student loans on this board and the creditor actually reach out to me directly as they knew it was me based on the details of the situation. When we post specifics although unlikely, it's not very hard to determine whose who.


Starting Score: TU - 556 & EF - 552 & EXP - 591
Current Score:TU - 614 & EF - 573 & EXP - 591
Current Score 6/14/13 (MyFico):TU-98 - 631 & EF - 643 & EXP-08 - 633
Current Score 6/14/13 (Lender Pull):TU - 704 & EF - 643 & EXP- 674
Goal Score: 680


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New Contributor
keyelove
Posts: 58
Registered: ‎03-30-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(

Quick update - we did get approval from the CEO. However it came with lots of conditions. One of the major ones is 4 months reserves which is a bit much. DH & I are deciding next steps. Will keep you posted.

Starting Score: TU - 556 & EF - 552 & EXP - 591
Current Score:TU - 614 & EF - 573 & EXP - 591
Current Score 6/14/13 (MyFico):TU-98 - 631 & EF - 643 & EXP-08 - 633
Current Score 6/14/13 (Lender Pull):TU - 704 & EF - 643 & EXP- 674
Goal Score: 680


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Contributor
adymax
Posts: 147
Registered: ‎04-16-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(

FHA loans don’t require any reserve. This is a silly condition. If I were you and I would run away from this lender as far as possible. Go try another lender and you’ll be fine.

Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012

Re: So Disappointed, Discouraged and Simply Sad ;-(

[ Edited ]

In light of the overdrafts, I don't think it's a silly condition. I think it's probably what the OP is going to see from most lenders unless clean bank statements are submitted.  FHA may not require reserves, but if  you consistently show cash flow issues...you're going to have a hard time getting approved without proving the NSF's are a thing of the past, and that you have reserves.  Lenders are going to have their own overlays, and in this case, reserves seem reasonable to me.  Obviously, the OP has worked hard to rebuild credit...they're almost their, but we all have to remember we are asking these institutions to loan a tremendous amount of money. 

 

They are trying to determine, based on your recent financial past, the likelihood you'll pay back the loan.  If your recent past includes late payments on bills, collections, and overdrafts (not all of which apply to the OP, I know)...what is a lender supposed to think? What would you think given that situation if you were being asked to loan money?

 

I understand the OP is disappointed, but don't be discouraged...you're almost there!  Keep going!

New Contributor
keyelove
Posts: 58
Registered: ‎03-30-2013

Re: So Disappointed, Discouraged and Simply Sad ;-(

After reading the guidelines I understand the position. However when you do provide statements from multiple accounts and its clear you have the money it seems a clear Loe would suffice and don't o it again. Bottom line is overdraft is not allowed particularly if fees are incurred. FYI...it wasn't NSF is was using overdraft from savings with a fee. Hope this helps save someone else the trouble.

Starting Score: TU - 556 & EF - 552 & EXP - 591
Current Score:TU - 614 & EF - 573 & EXP - 591
Current Score 6/14/13 (MyFico):TU-98 - 631 & EF - 643 & EXP-08 - 633
Current Score 6/14/13 (Lender Pull):TU - 704 & EF - 643 & EXP- 674
Goal Score: 680


Take the myFICO Fitness Challenge

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