what will underwriter say about 1 year forclosure ruling?

  • September 24 2013 - Chino
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Underwriters are the ones who ask the Lender for more documentation from the buyer.. They can approve you or disapprove the loan.. I have seen loan fall apart at the last minute because FICO score changed..  Do yourself a favor don't buy anything till you have completed the deal.. Keep a paper trail of all money given to you, as the underwriter will as for documentation.  Having all documents in order is the key to successful deal.. 
1 year after Short Sale, BK, Foreclosure with FHA new guidelines says you must show have a 20% decrease income to be eligible to buy a home. Plus you must go to financial counseling class to be eligible for back to work program FHA loan.. This loan effective October 15,2013
  • September 24 2013
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thank you all for the feed back!! :)
  • September 24 2013
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As with all underwrites and underwriting, it's up to their discretion. After all they are the gatekeepers.
  • September 24 2013
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Yes, this just happened with in one year and due to divorce. However will underwriters be asking for additional documentation to clarified their interpretation of the ruling. 
  • September 24 2013
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Need a little bit more info: FICO scores, down payment, actual date of transfer of deed of foreclosed home to bank? What was the reason for foreclosure? Loss of job, divorce, illness, etc.?  Updated FHA guidelines pertaining to BK, foreclosures, short sales- new waiting period is now only one year, if the reason for any of those outcomes was at least a 20% loss of income during that time period.  

  • September 24 2013
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