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Hello, Fannie Mae has me at a EA 3?

Fannie Mae has me at a EA3 I have tried twice to refi w/ 2.0 and both (credit union and a broker ) said they could not help. My credit scores are well above 750 and have made all pmts on time. What gives? by s.seyf_331_267 from Citrus Heights, California. May 22nd 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

I would be curious when you actually had your automated approval submitted.. As recent as 4 weeks ago, there were some major updates to DU that opened up the flood gates for approvals. 750 credit score and an EA3?? a good lender/processor might be able to message that to a full up approved eligible. But in any case, there are lenders out there that will do EA3's with appraisal waiver, so your scenario is not hopeless.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

May 22nd 2012
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Bob McCormick (BobMcCormick)
#50 ranked lender in Arizona - 5 contributions

I can do it for you. Bob McCormick 714 362 4740

May 22nd 2012
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Dan Paladin (dpaladin)
#1 ranked lender in California - 736 contributions

You have what is called is a level III approval...though fannie will accept that...quite a few lenders will actually accept those findings.....Only a few may...as you look for the lender that will explain that you have a level III approval and that lender should be able to tell you if they accept those findings without having put together a complete file...though once they do review it could be subject to change...good luck!

May 22nd 2012
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Michael Mullin (TheLoanConsultant)
#47 ranked lender in Washington - 12 contributions

HARP 2.0 is one of the worst implemented programs I've seen in my 22 years of lending.Your credit union and broker can't do it because they aren't selling to a lender that will take the EA3 files.We do. In fact, all of my HARP 2.0 loans are currently Expanded Approval files. If you'd like help, just let us know. We're licensed in CA and WA. 509-252-9151.For more info check out www.seattleharprefinance.com

May 22nd 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i can do your harp loan in CA. i JUST had a similar story from a EAIII, they tried 3 places, and we could get approval, since I do not have to work with the bank overlays... and we are quick... Underwriting and processing,, $895. title fees, and your escrow impounds , no points ,all rolled into the loan, linda 602-330-1598 yourloanpartnerforlife@live.com

May 22nd 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

I'm pretty good at working the DU system to push it to at least an EA-1 and I have a strong lender with good rates that we can get you refinanced. Even at EA-3 I do have a lender that can help you but their rates are just a little higher and they are backed up. Get into touch with me if you would like for me to see what I can do. I have pushed a lot of EA-3 to an EA-1 just in the last couple of weeks. P: 888-320-7888 - www.MortgageWholesale.net - Ken

May 22nd 2012
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