trying to get a mortgage with FGMC

[hopinginfl]

I live in Florida an applied for a mortgage through FGMC, I wasn't sure what would happen but I've been trying to get my scores up and thought i would give it a shot. I got a real nice LO who was helping me, had me fax over all my info to get pre approved through underwriting manually. Anyway, I was shocked when he called me and said I was approved with conditions!!! He said someone would send me a list of the conditions but in the meantime I had to take a HUD class and pay down disputes under 1000.00. I emailed him 2 days later and got no reply..thought maybe he was out sick or something so I patiently waited and a few days later I get an email from some other guy in the company saying he was my LO and the other guy didn't work for them anymore. I called the main office the following Monday when he never returned my call to ask if in fact the other guy was gone etc, and she didn't know anything about it but then went and asked and confirmed it, she ended up transfering me to the new LO after telling him why I called, I don't think he liked it and has been pretty rude since. I finally got my list of conditions last Wednesday, took him 2 days to send the email, I emailed him back with some questions last Thursday and I haven't heard a word from him, I just want answers I've never done this before!! I really don't want to do business with this guy but my middle credit score is only 595 and I don't have many choices i don't think. What should I do???   Thanks!!

[StartingOver10]

It depends upon what the conditions are ....can you post them without revealing too much detail?

[DallasLoanGuy]

i hate it when people are treated like this.

[hopinginfl]

the conditions are (yay for copy and paste!

1.       We need satisfactory verification of rent from property management company; or if renting from an individual, we would need you to please provide 12 months of cancelled rent checks or bank statements supporting on time payments  DONE

2.       We would need an Inquiry Letter that explains what all of the inquiries on your credit report are for that are showing up within the past 90 days (I can help you write this when we can schedule some time together.) DONE

3.       You must go through Homeowner Counseling  and we will need to evidence satisfactory completion of HUD approved homeowners counseling. Information and details can be obtained online. A certificate of completion is required. UNDERWRITER IS REQUESTING DUE TO CREDIT SCORES AND CREDIT HISTORY  DONE

4.       Once you obtain a purchase agreement, we will need a complete legible and fully executed purchase/sales agreement with all addenda.  This contract must also reflect all closing costs paid by the seller.

5.       For all disputed and/or derogatory accounts on your credit, that have a balance greater than or equal to $1000 cumulatively must beresolved or file will be downgraded to "refer' and letter of explanation required.DONE

6.       We must show that you have 4 months of liquid reserves in the bank.  What that means is we want to make sure you have a safety cushion.

7.       We will eventually need a copy of your homeowners insurance policy (this is something you can shop for)

8.       The 2 years tax returns that you sent over were signed, however they were not dated, please date them for the year you filed your return and send them back.DONE

9.       There is a Paystub Deduction, and we would need you to please provide documentation and explanation for ALOT deduction in the amount of $51.02 showing on your paystub(s.) (additional conditions may apply)DONE

10.   Please continue to provide your most up to date paystubs and bank statements as we will always need them to be the most recent and up to date.

I resent the tax returns, showed the allotment was for an insurance policy, took the home owner class, etc faxed the info to him, no replies, I know I should call him but i really don't want to hear his voice! What to do what to do?? 

[ShanetheMortgageMan]

Do you have #6 (four months of reserves)?

#4 (purchase contract), #7 (insurance quote), and #10 (updated bank statements/paystubs) are standard items.

[hopinginfl]

So that is why I have been waiting for this guy to email or call me back..I was told by the first guy not to start looking for a house until the other stuff was done so i don't

 know how much I even need in reserves, I asked him in my email how much $ I need in the bank and when exactly am I allowed to go shopping? This is so frustrating!! By the way he still hasnt gotten in touch with me. It's been since last Thursday I feel that's an ample amount of time to answer a question.

[notfancy]

How soon do you need the home? If not that soon, post your credit file in the Rebuilding Your Credit subforum. From there we can look at your derogs, income, age of your lates, age of your current accounts, specific creditors / collection agencies and help you. Perhaps we can find a way to guide you to a place where your scores are high enough that you can deal with a better company? I certainly hope so. Best wishes to you!

[ShanetheMortgageMan]

I would tell his manager, "I really enjoyed the beginning of this process when _________ was my loan officer.  I understand he no longer works there anymore but my new loan officer, ________________, is not responding to my questions in a quick manner.  I know you've done a lot of work on my loan already, but if I don't get regular timely responses from my new loan officer starting today until my loan is closed then I will certainly go elsewhere for my mortgage.  Can you promise me that will happen?"

They just won't say "see ya", the manager will apologize and probably tell you to personally contact him in the future if there are any further issues.

[hopinginfl]

Thanks Shane I will try that, he hasn't contacted me yet so this is perfect! Will keep you informed!!

[bwflorida]

notfancy: I'm new at this, can you tell me how to "post your credit file in the Rebuilding Your Credit subforum"?

I've had low credit scores for years because of a mistake by our bankruptcy attorney, and I'd like to get some advice from the "pros" in this forum.

Thanks!