Heard back from UW today with a list of 19 conditions!! Yes 19!!! I stayed up until after midnight last night working on it. What I am not understanding is the UW wanted payment history from MY mortgage which has absolutely nothing to do with DHs mortgage that we are currently obtaining. The LO also mentioned that he is checking in the "FHA system" to make sure we are not in default (which is fine) but then took it a step further to say he might possibly order a verification of mortgage on MY HOME!!! WTH???????? Unfortunately, I DID fall behind 30 days in January but now everything is caught up. Why would they care? I thought the whole point of DH obtaining a mortgage in his credit only was about his credit only??? I'm just a nervous wreck and about ready to throw in the towel 
That doesn't make sense unless your husband is on that loan to which it doesn't sound like he is. Even in states that require the debts of both spouses to be used they don't use the credit of both, just on who is applying. They just pull the CR of the second to get their debts. You don't have much choice but to abide with what they want but I would start thinking about lining up a back-up lender.
I feel almost violated because of it. Enough is enough. My back up mortgage provider is Wells Fargo so I might end up contacting them I just want this all to be over with ((((tears)))))
I just want this all to be over with ((((tears)))))
Sorry to hear you're going through this. Have you been direct and asked your LO why they need info about your mortgage?
And if it makes you feel any better, I have 21 conditions on my approval 
You guys are the best! LO said they do all of this extra verification to make sure we aren't buying a new home and bailing on our old one.....which we are not doing! I just don't want DH to be denied because of 1 30 day late on MY mortgage!
LO said they do all of this extra verification to make sure we aren't buying a new home and bailing on our old one.....which we are not doing! I just don't want DH to be denied because of 1 30 day late on MY mortgage!
Hang in there...I don't know the total number of conditions I had...but it went from providing HUD from sale of old house...gift letters and sourcing for non-payroll deposits (and I didn't put money down) to divorce and child support papers (even though I didn't use this as income for DTI) and about 3 times UW had to ask insurance or the appraiser to adjust something on their end to "like" the paperwork enough to remove the condition. Not to mention I think I provided the same bank statements and check stubs at least 3 times.
5 weeks later....new house...really happy I do admit I nearly lost it a few times the last few weeks. Especially when we were technically homeless. We closed our old house 2/17 and didn't close the new one until 2/27. RRRRRR.....
Wishing you the best!
@FSUGAPEACH wrote:
You guys are the best!
Yep. It's called a "Buy and Bail" ...what they are doing is trying to see if that is what you are doing!
We have that issue here in S Fl where a lot of people did the Buy and Bail at the beginning of this credit crunch so the lenders look for that pattern.
You fit the pattern just because you own the property with your own mortgage and now your husband is getting a property in the same area under his name. That is the classic Buy and Bail pattern. Naturally it doesn't apply to you, but the lender is checking to make sure there are no other red flags. You probably will have to provide a LOE for the 30 day late on your mortgage last month. That is also considered one of the Buy and Bail red flags.