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Changing Lenders During Homebuyer and Mortgage Process
My application is currently in underwriting. I am concerned that because my student loans are so high that my DTI may not pass. I have found a home that is scheduled to close on 11/19/2024. Honestly I did not see you site until after applying thru my current lender. Would you be able to take over the case and will I still be able to close on November 19th, 2024 or earlier? I am in Illinois and also seeking downpayment assistance if possible. The Home Inspection and Appraisal have all been completed. My student loans total 186k and I am currently in deferment, but the lender is saying that the payments are coming up to 0.50% of the outstanding student loan balance per month…but I am paying $0.00. My credit score middle is 643. Also I am currently employed but will start a new job in a week making more money. Can you help? What steps will I need to take.Renting a home for two years owner decided to sale to me via notice to vacate. I have bad credit, owe taxes and zero for a down payment. What are my options in Michigan
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1 Reply
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Not all lenders have the same debt-to-income ratio caps on FHA loans. HUD, the parent of FHA allow up to a maximum front-end debt-to-income ratio of 46.9% and maximum back-end debt-to-income ratio cap of 56.9%. However, many lenders will have lender overlays on debt-to-income ratio lower than the maximum allowed by HUD. HUD is the parent of FHA and is the giant federal agency in charge of insuring FHA loans. Lender overlays are lending requirements that is higher and stricter than the minimum lending requirements allowed by HUD. For example, many lenders may cap debt-to-income ratio of 31% front-end and 43% back-end. Find out the maximum debt-to-income ratio that is allowed from your current lender. If they have lender overlays on debt-to-income ratios, you can easily transfer your loan to any other mortgage lenders that has no lender overlays on FHA loans. When you transfer your FHA loan from one lender to another lender, your FHA home appraisal transfers automatically with the transfer of your FHA case number. You would have to provide the new lender with all of your documents such as W2s, 60 day bank statements, drivers license and social security number, and other mortgage documents. GCA FORUMS Mortgage Group have many borrowers transfer their loans to us from other lenders. Over 80% of our clients at GCA FORUMS Mortgage Group are folks who could not qualify at other lenders due to lender overlays or borrowers who got a last minute mortgage loan denial. If borrowers cooperate with us, we can get a clear to close for a borrower who transferred their FHA loan from a different lender in 7 to 10 days, or sooner. As for down payment assistance, GCA FORUMS Mortgage Group has a forgiveable down payment assistance programs (EPM DPA Mortgage Program) where you can refinance, or pay off the FHA DPA Mortgage after you have made six monthly mortgage payments and do not have to pay the down payment assistance grant. However, the maximum debt-to-income ratio is 47.99% front end and 47.99% back end. For you not to pay closing costs, you would need a 6% seller concession because the EPA DPA Mortgage Program is based on borrower paid. Mortgage rates on the EPM FHA DPA mortgage program is 7.75%. Besides the forgiveable Equity Prime Mortgage (EPM) Empowered Down Payment Program, GCA FORUMS Mortgage Group has dozens of forgiveable and non-forgiveable down payment program. If you have any questions, you can contact me, Connie Ann Johnson, at GCA FORUMS Mortgage Group at 800-900-8569. Here is a recent guide explaining the EPM FHA DPA Mortgage Program:
https://gustancho.com/down-payment-assistance-mortgage/
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This reply was modified 2 months ago by Connie.
gustancho.com
EPM Empowered Down Payment Assistance Mortgage Program
There are recoverable and non-recoverable Down Payment Assistance Mortgage for Homebuyers is offered at Gustan Cho Associates
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This reply was modified 2 months ago by