Ok, here is what I found out. It wasn't about the foreclosure. He already knew that and the underwriter accepted the exception to the 3 year foreclosure rule. This issue is that the bank we had our first mortgage with sold the home for less than the amount owed, and that bank naturally had FHA reimburse them.
According to FHA rules, when that happens, it starts a three year clock from when they paid the money.
With that said, the underwriter believes in our loan, and she said that there is an exception to that as well. If the amount is within a certain limit, she will have the ultimate authority in the end. She is calling them tomorrow to see how much they reimbursed to the bank.
This is it. Lender and underwriter are both trying to jump this hurdle for us. I feel very blessed to have made it this far in the process, and to have a lender and underwriter trying so hard. You usually don't see that.
We do have a possible option of lease to own with the builder, and our lender even said he would personally call the builder to explain exactly what happened.
So we wait... and hopefully will have a solid answer in the morning...
According to FHA rules, when that happens, it starts a three year clock from when they paid the money.
With that said, the underwriter believes in our loan, and she said that there is an exception to that as well. If the amount is within a certain limit, she will have the ultimate authority in the end. She is calling them tomorrow to see how much they reimbursed to the bank.
This is it. Lender and underwriter are both trying to jump this hurdle for us. I feel very blessed to have made it this far in the process, and to have a lender and underwriter trying so hard. You usually don't see that.
We do have a possible option of lease to own with the builder, and our lender even said he would personally call the builder to explain exactly what happened.
So we wait... and hopefully will have a solid answer in the morning...
Comment