This is actually quite common with borrowers whom have had previous loan mods or short sales. Once a borrower hits that magic 120 day late, the lender can encrypt an I-9 MOP Code on the tradeline. Therefore any lender who attempts to run a loan application through the AUS (automated underwriting system) will get a Refer meaning the AUS can not approved them. Although FNMA recently put out a Memo stating these loans can be purchased by FNMA but must be manually underwritten, the problem is many lenders won't do manual Conventional underwriting due mainly because their Investors won't purchase these on the Secondary Market. The only other option is to remove anything over 90 days from your credit report. I have seen this done a number of times over the years with a persistent consumer or with the help of a credit specialist. Hope this helps!... more
This is a big investment, so make sure you are comfortable with the entire process. My advice is to shop your personal bank for a mortgage, so that you know what the fees will be in comparison to that provided by the Pulte mortgage. I am not aware of the discount wording, offered by Pulte, so please provide that detail, as well.
If you need assistance, let me know. I am a real estate broker in Braintree.
Your realtor should be able to provide you with all new assessments and any increases in condo fees for the next 12 months. If not call me and I will help you with this. Your Personal Realtor Maria Marchand... more