Zillow Advice RSS: Question-Discussion-Guide,Home Buying,Toledo- OH

Closing Criteria

Wed, 18 Nov 2009 23:19:00 GMT

is there listed anywhere the criteria for closing on a mortgage loan you were pre approved for (FHA) if you were laid off after pre approval. you work through a union hall (journeyman electrican) and this is common practice. you get more than twice a month (net) what the mortgage payment is. your debt to income ratio is basically none. your wife has income but not on mortgage. do you have to have a job at closing when you have supplied all necessary paperwork requested by HUD (FHA) to prove your ability to pay for home? bank is now denying loan. anyone know where this can be found in writing where job is required at closing even though you have all closing costs and assets to pay the mortgage for at least 7 months (to be placed in escrow) thank you

2 replies

what is the average sq ft price for houses sold in the beverly area

Tue, 01 Sep 2009 14:18:00 GMT

1 reply

401K affect on Pre-approval - I recently borrowed money from my 401k program to pay off my credit

Mon, 10 Aug 2009 23:58:00 GMT

I recently borrowed money from my 401K to pay down credit cards and raise my credit score. I've been trying to get preapproved for over 2 weeks now and my lender finally got back to me asking me a question about if I could borrow again from my 401K program. Unfortunately I can't until this loan is paid off, then there is a 6 month grace period. Would this affect my preapproval or my ability to get a loan? I don't have a lot for a down payment, and have already applied for a grant from a local Non-Profit to cover downpayment and Closing costs, I'm just waiting on approval from my lender and they seem to take 3-4 days to answer any questions.

4 replies