topic Re: I'm going crazy!!!!!!!! Please mr underwriter please in Mortgage Loans

I'm going crazy!!!!!!!! Please mr underwriter please

Anonymous — Fri, 29 Jun 2012 01:18:44 GMT

Been waiting for a week for the underwriter. I know I know that's not long I'm just being impatient and anxious Im just worried I will get denied 633 Experian score. 28/39 dti 444 car payment 1240 is the proposed payment on a 162k FHA loan through wells Fargo. What at my chances. ...??....?....?

Re: I'm going crazy!!!!!!!! Please mr underwriter please

Anonymous — Fri, 29 Jun 2012 16:21:40 GMT

@Anonymous wrote:
Been waiting for a week for the underwriter. I know I know that's not long I'm just being impatient and anxious Im just worried I will get denied 633 Experian score. 28/39 dti 444 car payment 1240 is the proposed payment on a 162k FHA loan through wells Fargo. What at my chances. ...??....?....?

Not enough information to even give you a guess.... Your credit score you mention is 633 from Experian, but you do not mention if this is your middle score. No income is mentioned. Confused to know if your car payment is included in your DTI ratio.

As far as a proposed mortgage payment for $1240 for a $162K FHA loan also does not have enough information.

Does this include taxes, insurance, etc etc and what is the break down. Is it 15 year loan or 30 year loan

Unless your taxes and insurance are super high i believe this payment of $1240 is way to much for a 162K loan for 30 years. But it does depend on your taxes and insurance if they are included in the price and the cost of these items.

Example 30 year fixed: all numbers have been rounded for this example......

$170K Selling price

$5950.00 Down payment 3.5%

$164050.00 Financing

$807.00 Monthly payment 4.25%

$165.00 Property tax monthly

$39.00 Home owners Insurance monthly

$157.00 MIP payment Monthly

$ 1168.00 Total Monthly payment.

So in this example the selling price is $8K higher, the MIP is also higher since the rates have changed. the only other items are your property taxes and home owners insurance. The total monthly payment is $1168.00 compared to your number of $1240.00. Something just does not seem right.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

tooleman694 — Fri, 29 Jun 2012 17:05:51 GMT

With a 28/39 and a 633 middle, you should be good if you dont snag into an overlay.

With the info you gave I would say you income is in the upper 50k range.

It all looks ok to me.

Also depending on which state and county he is in, property taxes could be double your 165.00 Property tax monthly.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

Anonymous — Fri, 29 Jun 2012 17:18:39 GMT

I'm working with a brokerage that sells to Wells Fargo and they just sent an email stating that by July 15th the minimum score needed for an FHA will be 640. I dont know if this is nation wide or just Alaska. Either way good luck!

Re: I'm going crazy!!!!!!!! Please mr underwriter please

PRC — Fri, 29 Jun 2012 17:32:28 GMT

My LO just emailed me stating that we need to lock my rate in today, because starting next week FHA rates will go up for individuals with a mid score below 680. I locked mine in today at 3.625 with a mid score 645 (lender pull 5/28/2012)

Re: I'm going crazy!!!!!!!! Please mr underwriter please

Anonymous — Fri, 29 Jun 2012 21:41:04 GMT

What is an overlay, property taxes are 3500 a year income is 52k.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

tooleman694 — Fri, 29 Jun 2012 22:18:34 GMT

Overlays are where banks add rules on top of the FHA rules.

Banks are always more strict with their guidelines.

I was going to do an USDA loan and got caught with an overlay, so I was forced to go conventional.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

courtney091082 — Fri, 29 Jun 2012 22:21:49 GMT

@PRC wrote:
My LO just emailed me stating that we need to lock my rate in today, because starting next week FHA rates will go up for individuals with a mid score below 680. I locked mine in today at 3.625 with a mid score 645 (lender pull 5/28/2012)

Well doesn't that suck! Wonder if it's just for the lender you're working with? Good rate you locked in at though, congrats to you for sure!!!

Re: I'm going crazy!!!!!!!! Please mr underwriter please

courtney091082 — Fri, 29 Jun 2012 22:23:05 GMT

@Anonymous wrote:
What is an overlay, property taxes are 3500 a year income is 52k.

Just wanted to say I think everything looks good for you.. and good luck!

Re: I'm going crazy!!!!!!!! Please mr underwriter please

PRC — Fri, 29 Jun 2012 22:40:43 GMT

@courtney091082 Per my lender it was FHA new rate guidelines. I'm guessing it will be for all lenders.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

tooleman694 — Fri, 29 Jun 2012 22:47:26 GMT

If it is raised up to 680 for the best rates, it might be better just to go conventional.

Re: I'm going crazy!!!!!!!! Please mr underwriter please

courtney091082 — Fri, 29 Jun 2012 23:18:49 GMT

@tooleman694 wrote:
If it is raised up to 680 for the best rates, it might be better just to go conventional.

+1 ....Yeah you're not kidding!!