Due to unforseen circumstances, my home was foreclosed in Feb 2007. I've learned a great deal since then (mostly from this forum) and have spent the time since repairing and responsibly managing my credit. Scores are plenty high enough for a mortgage now, pymt histories are great now, etc. I learned that although my foreclosure was in Feb 2007, FHA didn't record it until Aug of that year, so my 3 years was up a few weeks ago. With full disclosure to my chosen lender, and anticipation of this FHA CAIVRS release, I am fully prepared to purchase my new home (pre-approved, contract on house, savings built up, etc). Last week my loan goes to underwriting and comes back denied noting my earlier foreclosure. I am pretty frustrated about this since I have been forthcoming about the whole situation and quickly jumped through every hoop they presented to me. What they're explaining to me is that it looks like I defaulted on previous mrotgage as soon as I got it. In the 3 years that I had that loan, it was transferred 6-7 times. What they're seeing is the last company that it was transferred to, that's when I started defaulting. But they say it looks like I'm a risk for early default before they can get the mortgage insurance in place (which takes 6 months). So...what it comes down to, is they are asking if I can get a co-signer. I am a single person and really dread the idea of getting one. My bottom-line question: Can I get a co-signer for just the 6 months that it takes for the mortgage insurance to kick in?
Dealing with underwriters these days is so frustrating. They'll tell you one thing and the next day they'll tell you something completely different. Sooooo annoying. Anyway, a consigner on your loan would be cosigning for the life of the loan. As far as I know, they couldn't just cosign for 6 months and then get themselves removed from the loan docs.
We had to wait 4 years after our forclosure... we lost our house in may of 2006 and we are closing on our new house Sept 28th....
