Dear Consumer,
I truly admire someone that doesn't give up. I love a fighter !!!! Let begin to say that I am not god, nor am I perfect, or do I know everything. But I do take pride in knowing a lot and if I am not sure, I will ask first. But what about when you call 5 lenders and all of them tell you that they can't help you because of your credit score. But then you find a loan officer, such as myself, that says that I can help you. Because I can go done to a 500 credit score and that your 553 credit score is workable, even with a manual underwrite. But we have a debt to income ratio issue, that your front end is a 41% and I need to get it down to a 39%. And that FHA's guideline says that it is suppose to be a 31% front and a 43% back end.
So now you are getting frustrated and I am fearful that you might just go back out there to find someone that says yes to your credit, and doesn't worry about the ratio. I am also fearful because we both know that there is an error on your credit report. I told you what to do and when you get the letter, to send it to me so I can do a rapid re-score. Now, you might be thinking that once you get the credit score up, that you will go back to these other lenders that never brought up the fact that there might be a debt ratio problem.
Let's look at the fact that you told me that it took one loan officer 1 whole week, to tell you that your credit score was to low to do the deal. Rut row... Do you know that a good, experienced loan officer would have been able to tell you this at the moment they spoke to you about your credit scores. Which takes no more than 5 minutes. That is a major red flag to me. But you argue the point that they never had an issue about your ratios.
Let's dig a little deeper. You also work overtime and your overtime income this year is doubled than last year. Do you know that another guideline in most cases is that you need to average out 2 years of overtime? I truly doubt that 3 of the 5 loan officers that you spoke to, even asked you about your overtime for 2007. Why do I assume this? After 16 years of mortgage experience, I have seen this happen to more than a few clients. Just this month, I closed a client that went to a big named lender who approved them for $30,000 more than I could. They went to this big lender because they are one of the biggest and thought biggest is better. Not realizing that you are dealing with a person who works for that large lender. And no, bigger is not always better. What was sad, after speaking to this client, was finding out that her husband just changed jobs in October of 2007. And this loan officer was using his overtime with the new company to qualify them. That would have been one of those deals that would have been denied at the last minute.
Overall..... when shopping, you need not only to use your gut, but also seek out a true mortgage professional. Interview them as they are suppose to interview you. And be careful, because not all information on the internet is true. The inexperienced or the true sales person uses misleading information most of the time to bring you in. Just be smart and not go with someone that makes promises or guarantees. Again, more Red Flags !!!
Sincerely,
Knowledge and 16 years of Lending Experience
PS.... I must not be the only one that has been thinking this. Read what Adam Waldman had to say : The Value of Expert Advice
- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -
Experience & Knowledge at its BEST !!!
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For more information on FHA loans, please go to this link. The FHA Expert
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!
Copyright © 2008 by Jeff Belonger
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