topic Re: Should I be worried in Mortgage Loans

Should I be worried

tooleman694 — Tue, 05 Jun 2012 16:54:56 GMT

Typically im not a person that worries about anything, but my Mom and my Wife think we are gonna end up homeless. Something about the banks being super strict and not lending blah blah blah blah.

So we are looking at closing at the end of July with USDA. We are still waiting to hear from the underwriter.

During my 20s I did what kids do and messed up my credit. Can't blame it on the economy, just me. Always had a good paying job, work history is solid.

Still in the process of rebuilding, scores are not bad. Have a middle score of 680ish, my EQ is in the 700s. Have about 15k in the bank and earn around 100k. Nothing on my credit report is super bad. Have several credit cards with about 1 percent util reporting. Paid off my Auto loan, still paying on my Wifes Auto and some student loans.

LO thinks this will be a slam dunk approval. I think so too. But man I wont be able to convince my Wife till the UW says all is good.

Re: Should I be worried

Anonymous — Tue, 05 Jun 2012 17:39:00 GMT

@tooleman694 wrote:
Typically im not a person that worries about anything, but my Mom and my Wife think we are gonna end up homeless.

Have about 15k in the bank and earn around 100k.

Are you being serious?
Homeless?

And with a middle score of 680?

Re: Should I be worried

tooleman694 — Tue, 05 Jun 2012 17:44:08 GMT

I consider renting being homeless.

Re: Should I be worried

jules0580 — Tue, 05 Jun 2012 19:02:47 GMT

I feel the same way as your wife.. Im just a worrier.. My mid score is 650 my husbands is 690 (my mid score will prob be 690 this month too since I paid down my credit cards so they are under 30% uti.. previously it was high because we had just paid for our wedding). I think you are going to be fine.. although Im worried about myself so you know..its easier to say someone else is in the clear lol. I think you will be fine though definitely I believe if your score (if your the only one on the loan) is above 680 you shouldnt have to go through much manual underwrtiing and you should be good. But I understand your wifes concern..its just in our nature to worry..Im sure my husband hasnt stressed out about it one bit either. We are in processing right now..and should be going to UW hopefully by next week, Im assuming.. then after that it will go to USDA..and I will not be relaxed until after closng and the keys are in my hand. What bank are you going through or did you apply right through USDA?

Re: Should I be worried

tooleman694 — Tue, 05 Jun 2012 19:08:18 GMT

We are going thru a broker.

Re: Should I be worried

jules0580 — Tue, 05 Jun 2012 19:17:50 GMT

Yeah we are going through our real estate offices finance department and they use wells fargo.. I actually was getting nervous because I didnt hear much from them for the first week, and everyone complains about the constant calls requesting stuff so I was getting antsy. Currently the processer is preparing it for underwriting and thats when Ill hear more. My LO said yesterday that once the UW goes through the file, they ask you for everything, and then once they have it all set they send it over to USDA and the USDA may as for a few more things but "nothing groundbreaking" (her words) and then the USDA gives the final commitment, after that she said its a pretty clear file.. I dont know exactly what that means or if it means that it goes back through UW or something after? When is your closing date?

Re: Should I be worried

tooleman694 — Wed, 06 Jun 2012 14:27:33 GMT

Should hear back today, im losing my mind. closing end of July.

Re: Should I be worried

jules0580 — Wed, 06 Jun 2012 15:01:34 GMT

Im right there with you, we close July 13th and I dont think we've gone to the actual underwriter yet, hoping things start picking up speed next week. The appraisal was last week and we should have those results this week Im hoping, but I am pretty sure she said they have to get the file to the USDA by June 15th so hopefully it moves quicker

Re: Should I be worried

tooleman694 — Wed, 06 Jun 2012 15:37:06 GMT

Im starting to get a little ticked.

I emailed my LO yesterday and got no reply. Emailed again this morning and still nothing back.

I really hate spamming people, but at the very least why not a simple email saying they are still waiting. less then 2 months to go and thousands invested. Id like some answers lol.

Re: Should I be worried

jules0580 — Wed, 06 Jun 2012 15:46:11 GMT

Oh I totally understand.. after the first week I called to get a status update from my processer (who the LO officer has complete the file to give to UW) and the processer said she didnt have my account someone else did, i call that person..they tell me they didnt have my account someone else did.. I finally contacted the LO and she got me in touch with the right person.. but I was expecting to get status updates more frequently. I dont think the LO's mind being bugged Im sure they are used to it..but it gets frustrating always wondering.. Just make sure you keep on them because my file went an entire week pretty much untouched becuase everyone thought someone else had it!

Re: Should I be worried

Repo-ed — Wed, 06 Jun 2012 15:48:31 GMT

@Anonymous wrote:
@tooleman694 wrote:
Typically im not a person that worries about anything, but my Mom and my Wife think we are gonna end up homeless.

Have about 15k in the bank and earn around 100k.
Are you being serious?
Homeless?
And with a middle score of 680?

1st world problems

Re: Should I be worried

rckstrscott — Wed, 06 Jun 2012 16:27:54 GMT

@Repo-ed wrote:
@Anonymous wrote:
@tooleman694 wrote:
Typically im not a person that worries about anything, but my Mom and my Wife think we are gonna end up homeless.

Have about 15k in the bank and earn around 100k.
Are you being serious?
Homeless?
And with a middle score of 680?
1st world problems

Yeah.. no offense intended to the OP, but I've been homeless... renting is not homeless.. sleeping in a car is homeless and I have done that haha

find me a non-willing homeless person with 15k in the bank and 100k salary and i'll give you my left foot..

but to respond to the op, I dont think you have to sweat it.. my LO was in contact if he had information, but he/she is probably just busy with closings or other loans more presing at this juncture.. esp if you are a slam dunk, you won't need the kit gloves

-scott

Re: Should I be worried

tooleman694 — Wed, 06 Jun 2012 17:02:30 GMT

Iv slept in my car as well. Fun times lol.

Re: Should I be worried

tooleman694 — Wed, 06 Jun 2012 19:43:22 GMT

Well heard back from the underwriter and got denied.

Overlay on the guidelines with USDA. My Wife is not on the loan, but they had to pull her credit to add her debts to my DTI.

Well while they were lookn at her report, they noticed she had a couple 30 day lates on her mortgage in the last 12 months and denied me based on her credit.

We knew about this and it was one of the reasons why I applied by myself, and it still hit me. Looks like I might have to go conventional or find a new lender.

Re: Should I be worried

jules0580 — Wed, 06 Jun 2012 19:47:35 GMT

That really stinks, is it because of your state that they have to put her debt with yours? If you have the money to go conventional you should do that, I believe you can get some with only 5% down and no PMI. and conventional shouldnt look at hers, that I know of, but maybe all states are different.

Re: Should I be worried

rckstrscott — Thu, 07 Jun 2012 06:28:42 GMT

@tooleman694 wrote:
Iv slept in my car as well. Fun times lol.

Funny how at the time you are doing this, it doesn't seem odd.. like, you figure out ways to justify why sleeping in a car makes sense.. lol

Re: Should I be worried

JonRun — Thu, 07 Jun 2012 10:04:10 GMT

@tooleman694 wrote:
Well heard back from the underwriter and got denied.

Overlay on the guidelines with USDA. My Wife is not on the loan, but they had to pull her credit to add her debts to my DTI.

Well while they were lookn at her report, they noticed she had a couple 30 day lates on her mortgage in the last 12 months and denied me based on her credit.

We knew about this and it was one of the reasons why I applied by myself, and it still hit me. Looks like I might have to go conventional or find a new lender.

I've been researching and I thought they only used your spouse's credit (in community property states) to determine DTI? I was under the impression that they weren't supposed to deny you on the basis of her credit?

Re: Should I be worried

tooleman694 — Thu, 07 Jun 2012 12:17:16 GMT

That is what I thought too, so I need to find another lender that wont do this.

Re: Should I be worried

jules0580 — Thu, 07 Jun 2012 12:28:17 GMT

Yes I definitely recommend trying USDA again, speak to your LO they may be able to talk to the underwriter and explain that the DTI is the only thing they can get from your wifes report.. they cant take her payment history into account since shes not on the loan. This way if you can get the same underwriter you dont have to start from step 1 again, but if the underwriter wont do it .. then definitely try USDA elsewhere.

Re: Should I be worried

tooleman694 — Thu, 07 Jun 2012 13:05:25 GMT

I am working on that now with a banker, going straight to a bank this time.