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FHA qualifying problem, need help

Ch. 7 2 1/2 years ago and short sale 5 years ago. All new credit wife 697 and me 680. w-2 people. Just turned down lender stated 2 life events can't do. We were DU approved, I thought we were closing and the week of closing was told those 2 problems needed manual underwriting and they don't do that? Very Upset after we was told everything is ok. Charlotte, NC by americancatch@gma... from Charlotte, North Carolina. Jun 27th 2016 Reply


Sara Deere (SARAinMO)
#39 ranked lender in Kansas - 487 contributions

Have you checked with Movement Mortgage?

Jun 27th 2016
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This sounds like it could be a lender override. Meaning that even though you were DU approved that particular lender didn't accept it, which is their choice. Typically you go to underwriting right away and the inderwriter addresses that at the onset and not at the end of a transaction. Not being a party to the whole transaction I must speculate. If you would like a second opinion based upon fact and not speculation please contact me. (707) 338-2864. Ehoffman@cmgfi.com. Also only if this is a California transaction. Your address says NC but the initial info said Glendale ca

Jun 27th 2016
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My phone number is (707) 328-2864. Typo on initial response

Jun 27th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Typically, this is not a problem.. but I see situations like this all the time.. inexperienced loan officer only knows how to say yes... until it's turned down.. The reality is that by dealing with a mortgage broker who deals with many different lenders, can do this deal easily.. As others stated.. FHA does not lend money.. they only insure loans against default. the lenders, or those with the $$$ will oftentimes add their own guidelines above what FHA calls for.. it's these "Overlay's" that makes lending different, one lender to the next.. and it sounds like you ran into a lender overlay.. but by dealing with a mortgage broker, it's like shopping 20 different lenders at one stop.. The more lenders, the more lending options, and the greater likelihood your loan scenario will be approved.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 27th 2016
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Lawrence Thorpe (CommercialRefi)
#109 ranked lender in New York - 13 contributions

Thanks for the information, I understand and see what's going on now. I will look for a Broker in Charlotte. I signed up here today and the site auto. put in a address without asking. Thanks again

Jun 27th 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

I would recommend applying with a different lender, and tell them your story. The lender must have had internal overlays!! Very frustrating I can understand that!

Jun 27th 2016
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Daniel Esquivel (desquivel@myprovident.com)
#1312 ranked lender in California - 1 contribution

Good Morning, I might be able to help you out. Can we first chat I need more information give me a call at (805)302-2603.Our FHA Guidelines below:CHAPTER 7 BANKRUPTCYo 2 years from discharge date and to ordering the case numberSHORT SALE:o 3 years from completion dateo 3 year period begins on the date of the transfer of title by Short Sale

Jun 28th 2016
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Lawrence Thorpe (CommercialRefi)
#109 ranked lender in New York - 13 contributions

Thanks to all, I sent this customer to the right lender and they closed. We only do commercial loans but the calls for residential come in some times. Thanks again

Sep 8th 2016
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