Martin Wareing's Q&A

bmg,It's a little alarming... you are calling your LO for an update...  she then informs you that she needs to provide proof of funds to close....  That bridge should have been crossed a long time ago... Gift or your own money.. a clear plan of action.  This will be down to the wire, but the good news:  There are so few loans in FL being made.... they can concentrate the majority of their efforts on it.  Good luck with the closing.  The Settlement agent was selected by the Seller (if it is a sale).. That is already known and you should either ask your agent if RE pros are involved, the seller directly if FSBOed or your LO who just informed you 1 week away from closing that she needs to know where the money is.... Hope it works out, but this recipe is not going to make it in its current state on a FOOD Network special.  Good luck to you and stay the course.  :)

CHECK IT OUT TO SEE IF YOU QUALIFYgood luck.  That is where the facts are.  You can also see who "owns" your mortgage.  Good luck and be patient.

sf,Loans are based upon the willingness (credit history/score) and ability (income) to repay a debt.  If your income is really only a small amount, the ability part is the issue and no matter the score, the ability may not be there in the future.  If that is the case, it would not be a loan, rather it would be a grant.  If you were to collateralize a large sum of liquid assets as a pledge, some lenders (banks) may take that in lieu of needing the ability piece, but that is cumbersome at best.  Be careful of borrowing money without the income to repay it.  Good luck to you.

Nope

Many lenders (all have own policies), but in general, need:1) Property Address2) Buyer(s) name(s)3) Buyer(s) social security numbersWith that simple formula, most can lock.  However, with that "lock" comes responsibility to deliver it (closed). So, many lenders and loan officers do not wish to 'lock" for their tire-kicking buyers if that property and/or lock will not fund in time.  Some lenders require the completed loan package, title and appraisal completed within a certain number of calendar days or the lock is broken.  That is another story and thread, but 2009 locks and 2006 locks are worlds apart and we as loan officers are very careful of our "delivery" rates.  That may have been a major factor in your lender's "policy" to disallow locking until contract or whathaveyou.  Good luck and enjoy the home.

1 of the biggest challenges about MI (slangly called PMI) is that only AIG received FED bailout money.  Bank, FNMA and FHLMC received TARP, etc....  the MI companies got nothing.. The MI companies are being asked to continue rewriting the risk without a lifleline in place. regardless of it making sense to anyone, it is very complicated to say the least and all lenders are willing to this or that when they get handouts from the US taxpayers and continue to push off the loss risk on an insurance company.  I do not work for an MI company, my wife does, but that is not the point either.  WELLS, BofA, etc... got piles of FED FUNDS... The MI issue is almost as complicated as trapped homeowners with 2nd mortgages and HELOCS.  MI companies are working with select lenders to REFI/MODIFY through HARP and HAMP, but that is a mortgage servicer direct inquiry and not for the masses.  Good luck to all and stay diligent.

Ky,In text-sized bites, we can't possibly know the entire story of how why and where. I am sorry for your loss and will leave it at that.  You need a good, honest, caring lender that will not take you behind the shed for your credit score.  Regardless of my bluntness, I am one of the good ones.  580 is a a dangerous number and is basically an invitation to a "BlackFlag" finance deal.  Be careful of that and if you can't find acceptable terms, rent.  The collateral is a major issue as well and that is the Seller's problem, not just your score's issue. What that means is that a Seller will struggle to sell to anyone regardless of score with that collateral, so do not feel pressured to take a less than appropriate loan just to "purchase".  I wish you well.

All of the loans end up pretty much in the same pool with a 20% down payment.  With that being known... it will come down to the experience of getting there.  If you want to end up the same place you start... Call WELLS FARGO directly.  If you want to end up at Wells Fargo when the loan closes and is finally sold to its final resting place.. compare WELLS direct with a local Broker or Bank...  Interview all 3... 2 of the 3 are usually below par (mostly uneducated idiots) and weigh the lender related costs with the exact same rate AND their IQ.. This is important because if you select the "chimp" with $50 less in costs but felt he was a moron... you will be right....  Do not do all the undercutters legwork either.. (no offense to anyone here, but I hate that crappy tactic).  Have them play fair and make an educated decision.  Do not use a lender that changes fees for the better like a GM F&I guy trying to sell a 2006 Hummer prior to the dealership being closed.. Can't trust em so why hire them, reward them and pay them.  Finally, try to go more local for 2 reasons if all else is tied.  1) you can get your hands around their neck if they are idiots or you need your hand held for certain reasons  2) The LO will get paid.. spend money at a local grocery store and the circle of life will continue in your area.. Sub out all labor to India and someday there would be no more businesses near you as they are all extras on SLUMDOG Millionaire part deux.  Good luck.

I had the same issue a long time ago.  I was approached and thought about trying to bypass to the "finder", but if you can't figure it our quickly, you are wasting your own time (money) for what really is a "find".  Think, move quickly.. then sign for the bounty and get your money.. Good luck.

With a 605.... you will be denied by CONV lenders in 99.9999999999% of the submissions.....  with a 3.5% down payment...... I will guess 100%.  DO not worry about CONV... MI companies will not write the loan for you and if they did, you would pass out at the level of premium charged.  FHA is your best/safest and only avenue.  Find a good lender and do not think of the coulda should woulda because it really is not there at all.  Good luck to you and I wish you well.