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I may sound a bit naive but...

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Anonymous
Not applicable

Re: I may sound a bit naive but...

While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.

Message 11 of 15
StartingOver10
Moderator Emerita

Re: I may sound a bit naive but...


@Anonymous wrote:

While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.


^^^This is so true!

 

Message 12 of 15
me12345
Frequent Contributor

Re: I may sound a bit naive but...


C_Mortgage_Banker wrote:

While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.


Nailed it...I cant tell you how many times this scenario has been played out!

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 13 of 15
ejm201
Valued Member

Re: I may sound a bit naive but...

NFCU, it's very hush hush because when I talk to other LOs, they either barely know what I am talking about or confuse it with NFCU home choice program but they're not the same.

I was planning to make a detailed thread about it once we finished going through the entire process so others who may be interested can do it.

I would advise getting those mortgage scores up and just put as many bills on auto pay while you wait. Got dinged 6 months ago for idiotically forgetting to pay $5 to Best Buy and it somehow became 30 days late.
Message 14 of 15
ejm201
Valued Member

Re: I may sound a bit naive but...

Thanks everyone for all the helpful advice! Really great stuff!

Also, as an update my FICO8 scores are now:

EQ 656
TU 671
EX 658

Plan to pull mortgage FICO again later today and will post that when I do! ☺️
Message 15 of 15
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