Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

The Vegetarian Butcher; Advice from a Mortgage Loan Processor

Notify me of new replies via email
  • Wes Moore | | 16 Feb 2012, 09:41 PM Agree 0
    Amie, simply get the CU to attach the mortgage to an asset like your vehicle. FHA allows you to borrow the $ for your down as long as it is secured against an asset. That should fix the problem.
  • Robby Williamson | | 16 Feb 2012, 09:47 PM Agree 0
    You can use the funds, you just have to make sure the payment for the down payment is calculated in your DTI
  • DeDe Stoner | | 16 Feb 2012, 10:09 PM Agree 0
    Ifyou leave the finds in your account so they are seasoned over 2 months you can use them. They won't show up in the 2nd or 3rd month of bank statement, so you won't have to explain where the funds came from. Even if you count the payment in the ratios the funds are not allowed if the money isn't seasoned in your account.
  • Sara kidd | | 18 Feb 2012, 07:21 AM Agree 0
    I am a branch manager and also simply tried to get our home refinanced. 2 much of a hassle going through my own company due to employee restrictions. I called 5 LO and only one called me back! He didn't bother until my title agent scolded him for not calling! My bank of 30 years agreed to do it and After paying 450.00 for an appraisal and two months later turned me down. I sent her my pay stub and asked her to add me to the mortgage and never heard a word. Closed with my current mortgage company that held my mortgage 2 months later. Yes we have issues in our industry but this made me be more considerate of clients feelings!! I always have prided myself in personally caring for my clients good or bad credit but for some reason I in no way the business in my town. People still pick up the phone and call the big dudes. But I love what I do so I will keep on taking whoever comes my way. Great article and thanks for sharing.
Post a reply