FHA Reviewing

[Ann]

Good Day to All,

My file is now (and has been) in the underwriters review for a few weeks now. Yesterday I was contacted by my broker that they are now requesting a 12 month payment history from my mortgage company, 12 months of proof of payment from canceled checks and an explanation on how our second mortgage was settled and why wasn't the first mortgage reaffirmed?

I faxed all the info to my broker. In a statement from the underwriter she says: 12 months proof of mortgage payment with absolutely NO modifications to the loan or the payments of any kind! So does this mean if I was ever able to have my loan modified that would have been an instant deal breaker? I don't get that.

From everything here I've told you does it look like I have a shot at this? I have explanations as to why it wasn't reaffirmed (lawyer said not to) , settled second because I could not afford the payments and I didn't want my home to be foreclosed on should they decide to do so. All my payments to my mortgage company have been made in every single month in which they were due. Yes, it was passed the due date but ALWAYS paid before the end of the month. Just a little insight here please!

[tobee43]

ann, it's really difficult to tell what the outcome will be. it's good that at least you haven't heard the word "NO" yet. so i would continue to provide everything that is requested and you'll just have to wait for the results of the outcome.

again best of luck! i have my finger and toes crossed for you!

[servingsize]

I'm in the process of my 2 year planning and saving for a downpayment. I made a post on here then contacted my loan officer (known her for 7 years now) from the current house this is what she told me.

If your currently in the house

12 month payment history
reason why your leaving the house any why now reafirm (Our lawyer would not allow us to)
What you will be doing with the house after you leave (Renting it out) if you say your going to let it foreclose they will cancel it.
debt ratio of less then 45% gross with both mortgages
Loan to dept value on your current house less then 80% (this was one she was unsure of it was a requirement but i guess its changed)



I think you'll be fine it took 3 weeks for my first mortgage to be processed. Depending on what your file looks like they might have had to manually underwrite your file instead of the automatic computerized. The computer only puts out APPROVED or REVIEW. This is the 30 minute convo with my LO.

[Ann]

servingsize: Thanks for your input and welcome to the forum! You will appreciate all the good advice these good people here can give. It has helped me through really difficult and depressing times!!! I honestly don't know where I would be if I had not found this forum and that is the absolute truth!

Currently I do not even have a home to purchase. My mortgage broker is being very careful and even though we did get an "approve" with the auto she wanted FHA to review it more carefully so we do not have any surprises when the time comes! I'm sending in everything they ask for just as soon as they ask for it. I will keep all posted as to the outcome!