Good thing you realize that if it quakes like a duck, it is probably a duck. there are a lot of scammers out there & you have to be very careful.
Good luck to you in any case
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction... more
No, it's just a verification or validation that you haven't incurred any NEW debt. It sounds like you are doing an FHA loan in a Community Property State. This is the reason the lender is required to run your credit, add your debt to your husband's debt, and to make sure you don't have any other debt coming down the Pike.... more
As Mr. Burke stated below liens can be work around but it is at the discretion of the Underwriter. It's been my experience that is only allowed on government insured loans. My UTR usually wants a minimum of 6 months payment history in order to show that this new payment won't cause a financial hardship. Another thing I have done in the past is to have my borrower request a partial release, then once the house is theirs, the lien can be re-filed. In any event, these solutions can be discussed and gone over when you select the Loan Officer you want to work with.
You better hurry and close! As covered below, FHA's MMI (monthly mortgage insurance) will no longer cut off after 60 months, or previously at 78%. As far as the upfront MIP (mortgage insurance premium), paying it upfront is cash will make NO difference, you will still have MMI. Most borrowers just finance it into their loan. If you didn't want to have MMI, you should have done a Conventional Loan and buy out the PMI in cash or do it as Lender paid. Of course your Loan Officer should have gone over that with at the time of application.