First my background. My BK was discharged in Sept of 2009. We included our house in the BK.
Three months ago I applied for a new mortgage after speaking with the underwriter to be sure my house being included in the BK wouldnt pop up at the end of the process and stop the whole thing.
The lender prequalified me for an RD loan. My credit was ran and my three scores were 683, 686, 692. This was perfectly acceptable.
They then asked for my documents. Check Stubs, Tax returns. I sent those over and the loan officer told me everything was fine and she would fax over the preapproval letter later in the day once the underwriter verified everything for her.
At this time we were pumped! thought everything was fine, but then I get a call from the loan officer. She says we have one small problem. About 70% of my income is from commission, and since I had recently switched jobs (back to my old job) I would need 6 months history for them to be able to count the commission income. I said no problem, weve been without this long, whats another three months.
So on the 15th of November I hit the 6 month mark, she called me that day and asked for the new check stubs so we could wrap this thing up. I gladly faxed them over and awaited the preapproval letter once again. Didnt hear back from her that day.
The underwriter called me the next day. She says we had a new problem. Apparrently the RD rules were updated in October and they now required 2 years of commissioned income history.
Now here is the hard part. with my scores, they can get some exceptions approved with RD loans. My first exception was waiving the 36 month waiting period from the date the home sold in the sherriffs sale (oct, 2010). The second would have been to shorten the length on the commission income history. She says that if I was a few months short, or maybe even a year she could get it through, but not 18 months.
Long story short, I got anywhere from a year to 18 months to go before I can move my family of 5 out of this 1200 sqft trailer and back into a reasonable home.
Three months ago I applied for a new mortgage after speaking with the underwriter to be sure my house being included in the BK wouldnt pop up at the end of the process and stop the whole thing.
The lender prequalified me for an RD loan. My credit was ran and my three scores were 683, 686, 692. This was perfectly acceptable.
They then asked for my documents. Check Stubs, Tax returns. I sent those over and the loan officer told me everything was fine and she would fax over the preapproval letter later in the day once the underwriter verified everything for her.
At this time we were pumped! thought everything was fine, but then I get a call from the loan officer. She says we have one small problem. About 70% of my income is from commission, and since I had recently switched jobs (back to my old job) I would need 6 months history for them to be able to count the commission income. I said no problem, weve been without this long, whats another three months.
So on the 15th of November I hit the 6 month mark, she called me that day and asked for the new check stubs so we could wrap this thing up. I gladly faxed them over and awaited the preapproval letter once again. Didnt hear back from her that day.
The underwriter called me the next day. She says we had a new problem. Apparrently the RD rules were updated in October and they now required 2 years of commissioned income history.
Now here is the hard part. with my scores, they can get some exceptions approved with RD loans. My first exception was waiving the 36 month waiting period from the date the home sold in the sherriffs sale (oct, 2010). The second would have been to shorten the length on the commission income history. She says that if I was a few months short, or maybe even a year she could get it through, but not 18 months.
Long story short, I got anywhere from a year to 18 months to go before I can move my family of 5 out of this 1200 sqft trailer and back into a reasonable home.
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