After waiting over a week to hear if we qualified for an FHA Loan. We finally got the lender on the phone late Wed afternoon. She said we fit the FHA guidlines for the loan, but, she said after talking with the broker they feel we should wait to clear up the three items on on CR that were actually discharged in our BK 1 1/2 yr ago. I have substantial paperwork on this. They are being reported discharged/closed &/or charged off. So that our Credit scores would increase. We were told FHA dosen't look at credit scores, but, she said there underwriters want a higher score before approving the loan. What???? What is the point of going FHA? Sorry, but, I do not understand this. Can someone please clarify.
Becky, I am really of no help but I am trying to get an FHA loan myself and was holding out hope! I posted a question in regards to FHA loans and from the response of others, the FHA route seemed fairly easy. Maybe it depends on the state?? Where do you live? Anyone out there with a clue? Is FHA a little harder to get after BK? Keep me posted as I am about to apply within the next week myself. SM
Sm, I am in Florida. Maybe that's the reason. Everything else they do here dosen't make sense so why should this I am beside myself. The property we put a deposit on is only being held till next week. Since I have wasted 5 weeks on this other lender I don't have time to go to someone else. What I did not understand is we quailfy for the FHA they just don't seem to want to do it. If my scores are higher why would I have to go FHA? She never took it to the underwriters it was in house decesion. Good luck with yours. We are meeting on Monday with another lender but they said it would take 30-60 to get approved & close. It didn't sound like this landowner would wait.
Becky... do this. Here's what you do. You call the broker up and tell her you are not PAYING HER to decide what she thinks the underwriter will say. You want her to give it to the underwriter IMMEDIATELY and let them make up their own decision. I was going to ask whether the underwriter turned you down, but you answered my question. I would be highly pissed if they had made an IN HOUSE decision without any input from the underwriter. By making you and this seller wait 5 weeks, you have lost the property and the seller has probably waited around for 5 weeks when they could have already sold it. Now they have to start over. Before you go to the next meeting, I would call your broker back and demand that she put your loan to the underwriter. If THEY toss it out then move on. judy
Re: Becky... do this. Thanks Judy, I tried to get a hold of her today, but she won't be in till Mon. When I spoke to her on Wed she basically made it clear they wouldn't take it to the underwriter until we cleard the scores up. Considering I have spent years trying to do that. How does she feel she can do it in a month or so? We have an appt for Mon. morning with another lender that was recommended by SunTrust (who dosen't touch you unless you have been clean for 4 years, I want to meet that person I tired calling FHA & spent over an hour going from 800# to 800# & sitting on hold. Ended up at some CCCS wanting to know if I wanted an appt. Is there a real person to talk to that is from hud/fha? Becky
