Ask the Mortgage Underwriting Help Desk

The price of houses in Miami has been increasing rapidly; some are priced higher than before the housing market crash a few years back. Should a buyer wait slightly longer to see where this trend is heading?

In Louisiana, can I do a cash-out refinance to pay off Chapter 13 Bankruptcy? Can I combine I099 and W2? What does the underwriter require? One or two years of 1099 and W2? I have one year of W2 and two years of 1099 income. Would I qualify?

What if I have a non-occupant co-Borrower with poor credit, What To Do???

Why do banks and mortgage companies view debt settlement so badly?

When we are reviewing 1003, what are two things we have to look for immediately from a compliance standpoint?

Could I finance land only? A site-built home or mobile home would come later after I’ve paid off the land. Are down payments on land higher? Are credit restrictions tougher?

FICO 5, 4, 2 is 610, 569, and 599. We have 4-year-old unpaid COs (job loss, very sick child). Pre-approved with different lenders from $173k (low end) to $225k (high end). the single borrower makes $45k, has a car payment of $370, and has low credit card limits with under 5% util. Excellent VOR and flawless payment history from the past 24 months and on. I made an offer on a house and was accepted for $190k, but I am now curious about other lenders. We’ll need manual underwriting, won’t we? Can GCA Mortgage Forums Mortgage Group do manual underwriting? Are they a direct lender? Can they help us make this dream a reality?

In California, to refinance a property I owned before marriage does my spouse need to sign?

Underwriting wants me to write a letter on my late payments and charge the account off. What should I write?

Does HUD, VA, USDA, FANNIE MAE, and Freddie Mac require verification of rent? How about non-QM lenders? Do they require verification of rent or verification of mortgage?

In California, to refinance a property I owned before marriage, does my spouse need to sign?

Why do lenders want to see inquiries from only the past 90 days of the credit report ? Why do mortgage companies treat medical collections the same as non medical collections

Va loan with a 500 credit score, any way that has ever been done. Lady was married spouse passed and then she got cancer. Which she is cancer free now. So they have foreclosed on the home she is living in that was her husbands. She was not on loan. She is an RN, I know VA is not so much credit score. This below picture of info came from a Realtor friend. We would love to be able to help get some way, if possible purchase the home that foreclosed. She is still living in it still. She is an heir to property, so I was unsure how it would affect. As her name is on deed but not mortgage.

Will bank overdrafts disqualify me for a mortgage loan approval?

What are the lending options for homebuyers on community property states.

I was on a call, not sure which one about assignments. Commented, stating some lenders allow assignments, and buyers can close a loan with assignments. Did I hear it right? Like years ago, before Obama, my husband was flipping.

He helped a friend out, and we did some work. The buyer did a conventional loan. I did not do the loan. We did back-to-back closings,

Assignments have really gone crazy here. So, the state made some new rules because of it.

I personally think one was getting taken advantage of.

So I am asking that the form you provided us from Utah is awesome.

Can one do an assignment on a standard conventional loan? If so, I figured it would be just a few investors. How do I find them?

I am seeing opportunities with our new products. Where I may get a chance to get a foot in the door. My old-school investors, are now running investment groups and doing classes and things with them. A few of them are on a national level.

I will talk to you later about that and a few other things.

I am terrible at email.

Can you explain the concept of “debt layering” and its impact on mortgage underwriting?

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One thing about mortgage lending is every case can have its own separate case scenario. There is always a unique case scenario for each individual borrower. We  will go over the hundreds of case scenarios we encounter as loan officers.

How do 401k Loans Effect a Mortgage Application? Can someone get a mortgage if they have a 401k loan and does it count against them?

What are the Alternative Credit Tradelines, when and how to use?

What happens if you are in the VA loan process and the property has issues and you can’t close? Can you just find another with the same price or less? Or does that mean you would have to file for court approval again?

Is it possible to alleviate your monthly debts without having to sell your home or refinance with another 30 year mortgage even if you have significant mortgage balance and credit card debt?

Scenario: Borrower wants to do a Cash-out refinance. Property worth is $350K and she owes $157K.

Rocket Said that they can do a Refi Debt Consolidation in August.

Issue: Mortgage late: 08/2022

Recent Lates: 06/23 (2 tradelines)

Open Tradelines: 3 (car, and 2 CC)

FICO: 459

Thank you

I have a client with multiple 60 day lates on a mortgage in last 24 months prior to filing a chapter 13 bankruptcy..

If the mortgage is in the chapter 13 are those 60 day lates excluded from the manual underwriting guideline rule of no more than 2X 30 day lates on an installment loan last 24 months?

Gustan Cho Associates has a national reputation for not having lender overlays on government and conventional loans. If you run over a case scenario on a situation you have, post it on GCA FORUM’s underwriting help desk. Our moderators will run the case scenario through not just one underwiter but will get second opinions from our top underwriting managers.

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 12/2. 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 12/2 or earlier? I am in Illinois and also seeking downpayment assistance from IDHA. 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 1300 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.

MY husband Hector has an old judgement from 2009 before we were married. it has not been revived. Will this prohibit a home purchase? I have a second loan mortgage would I be able to refinance only that part of the loan?

I recently got denied by an incompetent lender because I was not properly qualified. Can you please help?

I want to close business for 4-6 months due to covid. Would i get a mortgage loan. I’m self-employed wanting to qualify for a mortgage loan using 1 year of tax returns