(Closed) What do you do when 2 days away from closing you receive horrible news?

posted 3 years ago in Home
Post # 2
Member
7682 posts
Bumble Beekeeper

bellanotte11 :  Is there anything you can pay off, like a car, that would possibly make a difference?  Sorry, I am not in banking.  Maybe a bank bee could give you better info.  

Post # 3
Member
2166 posts
Buzzing bee
  • Wedding: October 2013

We have an FHA loan too and that seems off to me. My husband and I applied for a loan the same year he had a total of 3 different jobs, we never had uninterrupted income from either one of us and where we worked and how long was not of concern. It was just making sure we had consistent income that yielded an approval for a particular amount. If I were you I would call another lender and ask them some questions about jobs and income. This just doesn’t sound right to me. 

Post # 4
Member
2134 posts
Buzzing bee

Seems very unprofessional if they hadn’t said anything until now. Their fault. They should make an exception.. 

Post # 5
Member
1178 posts
Bumble bee
  • Wedding: March 2017

Who are you dealing with, the loan processor? Can you escalate to a supervisor?

Post # 6
Member
1690 posts
Bumble bee
  • Wedding: December 2016

We just closed almost 2 months with FHA and my fiancé had been at his current job for only 7 months!!! 

I’m sorry this is happening. I can only imagine how frustrating this is to hear! 

Not sure if this was the case, but if you do end up back on the market you should try to get all your paperwork before you even put in any offers. 

Post # 8
Member
8919 posts
Buzzing Beekeeper

bellanotte11 :  Are they saying that your debt-to-income ratio is too high if they don’t count the second job?

Post # 9
Member
5154 posts
Bee Keeper
  • Wedding: June 2014

bellanotte11 :  Did you get pre approval before beginning the process?

Post # 10
Member
1178 posts
Bumble bee
  • Wedding: March 2017

I’m sorry, bee. I wish I had some advice for you!!  Is there a way you can extend the lease where you’re currently staying so that you’re not out of a home all together?

Post # 13
Member
260 posts
Helper bee
  • Wedding: August 2015

I’m sorry bee! I have no advice but I am right there with you. Darling Husband and I were 1 week away from closing with a VA loan and we were told our debt to income ratio was too high. Now we are frantically paying off debts. This is after we were told our loan was approved. Wth. 

I believe in your case you should escalate it to a supervisor. I can’t imagine why his second job matters. Aren’t most lenders taking a risk on whether a borrower can keep a job to some extent? But I know nothing…

Post # 14
Member
220 posts
Helper bee

bellanotte11 :  I would escalate it but also start looking to see if you can find another lender. At least you guys still live with parents so they should be able to understand and if not you and your fi sit down set a plan and get an apartment temporarily.

Post # 15
Member
217 posts
Helper bee

Sigh- FHA lonas– such a waste of money for PMI insurance. Is it an option to borrow money from family for the down payment so you can avoid a FHA loan and have a traditional loan?

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