FHA Qualifications

[shalane85]

Dallas do you work for Wells Fargo? I just applied Friday with Bank of America and am waiting on their reply, but if they deny us do you have any suggestions for another lender? I read on FHA web page that anyone delinquent on student loans are not elgible for FHA but if I can prove that he has been current we may still be able to qualify?

[DallasLoanGuy]

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shalane85 wrote:

Dallas I really appreciate your help. He has been in the repayment plan paying $90 monthly. I just pulled his score on MY fico and its at 558. THe student loans are still showing they he is delinquent but i have recent docs from them saying he is on time every month. They say they wont report him current until he pays on time for a consecutive 10 months. DOes that sound wierd?

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i thought the rehab deal was 6 months.... but hey, 10 is fine. it is still a great program

[DallasLoanGuy]

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shalane85 wrote:

Dallas do you work for Wells Fargo? I just applied Friday with Bank of America and am waiting on their reply, but if they deny us do you have any suggestions for another lender? I read on FHA web page that anyone delinquent on student loans are not elgible for FHA but if I can prove that he has been current we may still be able to qualify?

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No. I work for a Mortgage Banking firm.... PrimeLending. We originate, process, underwrite, close and fund in our name and then sell the paper. Wells buys a lot from us.

I could refer you.... just send me an email where you are..... I will see if I know a good loan officer there.

[Anonymous]

I was wondering how Wells Fargo is.  The company i'm going to apply thru says they use wells.  Is this a good thing?

[DallasLoanGuy]

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propertyvirgin wrote:

I was wondering how Wells Fargo is.  The company i'm going to apply thru says they use wells.  Is this a good thing?

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depends. if they broker(send file to wells to underwrite) to wells.... expect to jump thru hoops.

if they close in their own name after underwriting by their own employees (banking) then it will be smooth.

[Anonymous]

My median credit score is 587. I have no late payments in the last 2.5 years. I didnt get approved through the automated system. I dont understand why. now my file is in manual underwrite. We prepared explanations for all of the collections accounts which were all medical. I have 3 credit cards which I have had for the last 3 years and in great standing and a vehicle in very good standing. I make 62k a year and only have $516 in debt per month besides the home payment. I got a call today that said that my DU was good but I dont understand what that means. The underwriter is asking for 2 years of rental history which I will give them tomorrow, but wow it is hard gathering 2 years of cancelled checks from the bank. I am so nervous that I am not going to get qualified. we need to buy a house. are my chances good?

[shalane85]

If the bank accepts the offer on a house that is a foreclosure is it possible that you can negotiate them to pay the closing costs?

[DallasLoanGuy]

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qualityqueen1974 wrote:

My median credit score is 587. I have no late payments in the last 2.5 years. I didnt get approved through the automated system. I dont understand why. now my file is in manual underwrite. We prepared explanations for all of the collections accounts which were all medical. I have 3 credit cards which I have had for the last 3 years and in great standing and a vehicle in very good standing. I make 62k a year and only have $516 in debt per month besides the home payment. I got a call today that said that my DU was good but I dont understand what that means. The underwriter is asking for 2 years of rental history which I will give them tomorrow, but wow it is hard gathering 2 years of cancelled checks from the bank. I am so nervous that I am not going to get qualified. we need to buy a house. are my chances good?

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something doesnt sopund right.

you didnt get approved thru automated

going for manual

now they say du is good.

du = desktop underwriter - automated.

[Anonymous]

That is what I said. how can that be. will the automated system recommend manual underwrite?

[DallasLoanGuy]

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qualityqueen1974 wrote:

That is what I said. how can that be. will the automated system recommend manual underwrite?

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automated doesnt deny loans. it 'approves' or it 'refers' to manual.