HELP - FHA loan denied
My fiance and I applied for an FHA loan at PNC and was rejected last week due to the fact that my fiance does not have a 2 year solid emloyment. My fiance is a physical therapist and he does not last for more than a year in a job because of better opportunites. He & friends started a healthcare staffing company last april and we applied for an fha loan last may. He makes $7000 a month. He submitted W2's from his previous employment but loan was rejected due to the fact that he is self-employed since april. They want a co-signee for him for our loan to be approved but we could not find anybody. My salary is not enough for me to co-sign for him because of the huge amount we are borrowing. This bad news came 2 weeks before our closing date! Do we have other options? Should we apply for a conventional loan instead?
try other banks let me give you a site http://www.state.nj.us/dca/hmfa/consu/buyers/lender_list.pdf---try all the lender Someone hopefully will help you .
let me know how it works!
Nicaury Miller
Home Styles Realty
866.797.7363
Mobile:908337.2824
I have a few ideas but would need to speak to you in order to get more details. No doubt about it, the PNC rep should a have addressed this from Day One since this is Mortgage 101. There are ways around this. Don't mean to be coy but it is complex and I need to go over some details. Call me or email if you want me to analyze the situation. I will be pretty busy with appointments Thursday and Friday but will try to get back to you if you contact me.
Ruth Bonapace
201 741 5269
ruthbonapace@gmail.com
Unfortunately this is not an FHA vs Conforming issue - guidelines are pretty much the same for both. Self employed borrowers need to have a 2 year history documented through tax returns. If your loan officer knew your fiance was self employed you should have had indications prior to this that there were issues. What likely happened is that it slipped past your loan officer and an underwriter (the decision maker) caught it.
You could try speaking with a broker, who may have access to an investor/program to help you.
Best of luck
good afternoon.......it is not going to work conventional either for the same reason, conventional would be even tougher to get approved..............the only issue with the file is the self-employment issue with such a short time doing it.....same line of work is fine.....use only your income or like what was suggested....you will need a non-occupant co-borrower.......best of luck to you.bob mcclure- success mortgage partners- plymouth, michigan......
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