$220K. Lender for primary residence purchase in FL. 701 FICO, 60 day late on mortgage 8 months ago.
1X30 and 1X60 on an investment property mortgage in Oct and Nov of 2013. No other derogatory info on credit report. 701 middle FICO. Low DTI. $220K purchase price. Can put up to 30% down, but prefer as little as possible out of pocket. Current lender has had complete package since early June with no decision. Appraisal, survey, title work, etc. already delivered. Seller nervous about deal not funding and will not extend closing date again. Can anyone do this deal quickly? by miatavi46 from , California. Jul 21st 2014
Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions
Have you received a conditional approval at any point and time from this lender? If the delinquency is an issue for your purchase approval, your lender should be able to relay this information to you. Assuming the rest of the file is solid and lender has received Approve/Eligible through automated underwriting, a letter of explanation addressing the mortgage delinquency should suffice.
Today at 2:12 PM Thanks for the response Kenneth. No, there has been no conditional approval at any time. I have received no formal communication from the lender. When I inquire, the answer is that "we have unusually high volume and are hiring more underwriters as we speak" or some variation of that theme. They have been telling me for weeks now that it will be decisioned "in a just a day or two". It was a refer/eligible because of the mtg lates and has been submitted for manual underwriting. I sent in the LOE with the rest of the file in early June.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
With a refer/eligible it must be manually underwritten.. and for manual underwrites, there is no "Quick" process.. I would be concerned though that you have not received anything form the lender... usually when a file is submitted, there are all sorts of disclosures the lender will email out to you.. this is one way to verify your file has actually been submitted to a lender/underwriter. Since your so deep in the process now, it's best you ride it out, since no one taking over now would make it go any faster.. but I would definitely call your lender's rep and ask specific questions and express your concerns.. 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
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