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Talked to Loan Officer - slightly bummed!

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Anonymous
Not applicable

Talked to Loan Officer - slightly bummed!

I spent some time on the phone with LO last night.   She was really nice and helped me with a bunch of my questions.  First she wanted me to just app / prequalify - but I said I had questions first because it could change HOW I applied and how I would complete the app.  

 

DH"s income was the easiest question as she said there were ways around it.

 

The problems were the two baddies we have out there - the Tax Lien has to show paid in full - and I don't have the $1200 to pay it off in full.   I'm on a payment plan - and make extra payments - but I can't take care of it until we get the tax return or my bonus sometime in January - so that is Strike 1

 

The other was his child support - we have to have it caught up as well - odd because I swear that people in arrears get homes -but OK - it's only about $12-1300 so we can deal with that at the same time as the tax lien - Strike 2

 

I didn't even get into the student loans part - since the first two strikes already tossed us out of the game.....here is hoping that 2016 will clear it all up and bring us a new home!

Message 1 of 10
9 REPLIES 9
djmax041
Valued Member

Re: Talked to Loan Officer - slightly bummed!

Dont give up stay deligent you'll get there!

Message 2 of 10
StartingOver10
Moderator Emerita

Re: Talked to Loan Officer - slightly bummed!


@Anonymous wrote:

I spent some time on the phone with LO last night.   She was really nice and helped me with a bunch of my questions.  First she wanted me to just app / prequalify - but I said I had questions first because it could change HOW I applied and how I would complete the app.  

 

DH"s income was the easiest question as she said there were ways around it.

 

The problems were the two baddies we have out there - the Tax Lien has to show paid in full - and I don't have the $1200 to pay it off in full.   I'm on a payment plan - and make extra payments - but I can't take care of it until we get the tax return or my bonus sometime in January - so that is Strike 1

 

The other was his child support - we have to have it caught up as well - odd because I swear that people in arrears get homes -but OK - it's only about $12-1300 so we can deal with that at the same time as the tax lien - Strike 2

 

I didn't even get into the student loans part - since the first two strikes already tossed us out of the game.....here is hoping that 2016 will clear it all up and bring us a new home!


^^^That part bolded in red is strictly a lender overlay. Different lenders have different guidelines over and above what FHA/VA or USDA or conventional loans  requirements. Sounds like the LO works for a conservative bank rather than a company that does nothing but mortgages (like a correspondent lender). 

 

If you want to stick with this LO because you like her that is fine, but recognize that other lenders do not have those same requirements at all.

 

EDIT:  Also some of the first time homebuyer programs have additional requirements too. So the overlay can come from the program requirements or from the lender or both. Are we having fun yet? Smiley Surprised

Message 3 of 10
Anonymous
Not applicable

Re: Talked to Loan Officer - slightly bummed!

It's one of those things......not so much this particular officer - but I did like her and she is one of the most recommended for the program I want to use (been doing them with that program for 35 years!) - but at least she was willing to talk to me - the last one I called was a rude jerk and basically wouldn't answer my questions about getting ready becasue I wasn't ready NOW..... 

 

I kinda knew that we needed to pay the lien off and if I had the funds - I would......It's MY last baddie.

Same with the child support for my husband....but we know that one will be taken care of too......his last baddie.

 

Plus it gives us time to get a little more in savings and that 2nd tax return with his income on it - even if it doesn't show A LOT of income - it shows something and that is better than nothing for the DTI.    Also - a few more months of the car will be paid - probably will only owe about $3K on it....... 

 

We originally were going to prequal in the spring - and then shop/move over summer.......we kinda found a house we like in the right area/right price - but we just aren't quite there - so it was wishful thinking......But it looks like we could maybe prequal around Feb and looking 60 days out move in the spring - which would be OK.   still ahead of our original timeline - but just not quite yet......

 

The house we like is vacant and been on the market a while - who knows.....maybe it will still be there - if not - well then it isn't meant to be and we will find something better! 

Message 4 of 10
mynameainttracy
Established Contributor

Re: Talked to Loan Officer - slightly bummed!

Hang in there, everything will fall into place.

Message 5 of 10
Anonymous
Not applicable

Re: Talked to Loan Officer - slightly bummed!

What startingover said, but if you want to stick with that bank at least you know what needs to be done now!  I also am a firm believe of everything happens for a reason. I just bet that when the timing is right you will find the PERFECT house and waiting will have been so much better (if you choose to do that).

 

As for your scores, NICE improvement. I think when you started they were hovering closer to mine and now they've surpassed mine rather quickly. Jealous! Oh, and an update because you asked earlier: we FINALLY got everything from the builder and the updated appraisal and docs went back into final underwriting last night. Now we wait for the CTC. This process is so STRESSFUL. So, trust me, having as many roadblocks out of the way as you can will make it so much simpler for you when it's the right time.  We app'd this year because taxes are literally killing us. We are also on a payment plan with taxes (but no liens or judgements). If we file one more year of owing taxes I'm going to kill myself.

Message 6 of 10
mynameainttracy
Established Contributor

Re: Talked to Loan Officer - slightly bummed!

Exactly. We went through two heartbreaking denials before we got approved. We look back at the houses we lost in the process and know that we are exactly where we are supposed to be. Everything really does happen for a reason. We might not agree with it but it does.

 

Message 7 of 10
Anonymous
Not applicable

Re: Talked to Loan Officer - slightly bummed!

That's how I'm looking at it too - It is for a reason.

 

My parents started out trying to help us earlier this year - that is what set me on a rebuilding mode.   They helped me with my car (they hold an unofficial note on it - so it's not on paper! - no DTI to worry about on it)

 

My brother pulled my scores back in March - we were going to refi the car originally - but I was too upside down - that is when I looked at my reports and realized that I had to get in gear!

 

My original goal was next summer - and I should be ahead of that - so that is good!

 

I think the overlays are for the NIFA program - not just the bank. I know you have to have at least a 640 score - even though I could get a regular mortgage at about a 620.  

 

Every month gets us closer.   One more payment done on DH's car - one more payment (with extra) to the Tax lien.    One more month on the P&L statement for DH.   We can do it!

 

 

 

 

Message 8 of 10
Hokies2379
Established Contributor

Re: Talked to Loan Officer - slightly bummed!

 
Message 9 of 10
Anonymous
Not applicable

Re: Talked to Loan Officer - slightly bummed!



jlynn0819

 

 

The other was his child support - we have to have it caught up as well - odd because I swear that people in arrears get homes -but OK - it's only about $12-1300 so we can deal with that at the same time as the tax lien - Strike 2

 

 


This is going to come off as judgemental and I'm sorry if it does.  Wouldn't this ^ be PRIORITY #1 over everything else?  I get that things happen and I'm unaware of the what/why/how and quite frankly, don't care.  I'm slightly baffled that someone allows themselves to get behind on CS and then just brush it off to wait for tax refunds.

 

Sorry, I'm super sensitive when it comes to this stuff as someone who is married to someone who has to deal with an ex-spouse doesn't follow up on his responsibilities.


Actually the situation is very very strange - and therefore why things have been held off - for starters - the child is over the age of majority in our state and hasn't lived with his mother at all this year.   She was paid current until the child "officially" moved out in February - even though he maybe only spent one or two nights a month at his moms his whole last year of high school.   We have been fighting to have had the obligation removed and backdated to the time he moved out and in with his girlfriend and their daughter (born in Feb).   We are still waiting on the court - however the CS office has already stated they will withhold from the tax refund and I refuse to pay it until we get an official denial of the request from the court.   If they say he owes it - then we will pay it or let her have the tax refund just to be done with it.  

 

Trust me - I've been on both sides of it - I've paid child support when my daughter lived with her dad - I received it when she lived with me.   We received NOTHING in the years when his son lived with us - over 10 - and the only reason he moved to his moms is because the son injured my youngest daugher and we had to have him removed from the home.   When that happened (at age 14 and no child support ever having been awarded) they finally said DH had to pay something - he did until he was 18 1/2 (19 is age of majority in our state).   We basically owe about 7 mos. child support for a time when he didn't even live with his mom.   

Message 10 of 10
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