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Tom Burris


Mortgage Banker (11 years experience)

Purchase Loan,


  • (462 Contributions,
  • 11 Best Answers,
  • 81 Helpful)

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Escrow money to be paid after refi closing


Sounds like they did not fund an escrow account for your new loan..... and was to use the funds in your old account to do so.I have heard of it.... Have someone knowledgeable about mortgages review your closing documents with you  

Any Success with the FHA Back to Work loan? Or something similar?


You need to be able to document a 6 month job loss with 20% reduction in income over that time frame.If so, then it is worth pre-approving.Make sure your loan officer can send your file to underwriting for pre-approval. You don't want some 'yes man' working your file. 

401K loan payments and Debt to Income (DTI) ratio for a home mortgage


1. Not counted against dti.... never seen a program ask for that2. less than 10 payments or 100+ payments.... doesn't matter. Don't know where that came from.If you are concerned that a sneaky lender will surprise you later.... Just see if your lender can send your file thru underwriting BEFORE they issue the pre-approval. Not all will do this. I consider it crucial to my business.