Financing in Pine Hills>Question Details

Chelle3290, Renter in 32808

I am doing the fastest short sale ever . In one month. Not a bank owed sale. I am aproved for my loan but underwriter will not sign off until conditi

Asked by Chelle3290, 32808 Sat Nov 27, 2010

conditions are met. One of them is a large student loan has no deferment date. I found a date of nov 28,2011. my mortage broker says the date must be a yr from closing. I want to know is this date good enough so I can close Nov 30th.

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Sorry to tell you this, but your loan officer is incorrect. This is part of Mortgage 101, your student loans need to be deferred for 3 years in order to not count them in your debt ratio. He/she should have asked about this as soon as they ran your credit. The fact of the matter is that everyone knows that the only student loans that are going to be deferred for at least 3 years are the ones that you take out for a child when they first start college. They are deferred for 6 months after graduation. And believe me, they know when you graduate. They knew that my son graduated 6 months early.
If you have any paperwork stating what your payment will be, you can use this, and see if you qualify now with the higher debt ratio.
1 vote Thank Flag Link Sat Nov 27, 2010
Only your lender can advise on what will be accepted to close the condition. Even the most communicative and responsive of mortgage reps are frustrated by the stingent documentation requirements. Bottom-line is this, it is what it is, and you are where you are in the transaction - and as other prior posters point out, likely the bank is looking for a quick close, hence their quick action. So they may or may not give you more time to close this out. Work with your lender, understand your options and then do everything in your power to satisfy them.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Sat Nov 27, 2010
Hi Chelle,

First, if your closing date is after Nov. 28, 2010 then your condition of 1 year is not met, and yes, underwriters are being VERY specific these days, and will probably not clear the condition based on the date you have now in writing.

However, I also think your loan officer is mistaken, most deferrments must be for three full years to not be counted in your debt ratio. It is possible your loan is a "portfolio" loan, and the lender uses different guidelines, however, and one year will do.

Obviously, my news is not too positive, but I hope I am wrong on both counts, and you get in the home!
Jim, HSOA.
0 votes Thank Flag Link Sun Nov 28, 2010
Good Morning Chelle3290,
Tom is right. You need to speak with the Mortgage Broker or Underwriter so you know exactly what they need for clear to close.
I will tell you that you should start doing your google search on Studen Loan Deferments, just in case. I just did a quick search and there is so much information out there.
Good Luck to you and hang in there, it will work out!

Wendy Golding
Asset One Realty, Inc
Broker/Owner
goldingrealtor@aol.com
Cell: 407-470-3894
Web Reference: http://www.scottnwendy.com
0 votes Thank Flag Link Sat Nov 27, 2010
This is the difference betwenn being prequailified and preapproved, being prequailified saod you could afford this amount but without getting your total financials reviewd and approved as they do in a preapproval, has given you this dela. You should know that teh fast approval of teh short sale means they are looking for a fast closing, therefore you need to clear this up before the date they mandate you to close.

you need to contact your loan officer and work this out immediately, this could cause you to lose this property if the short sale closing date expires.

Please see my blog on obtaing a mortgage in todays market

http://www.trulia.com/blog/scott_godzyk/2010/05/secrets_to_g…


Please see my bnlog on short saleswith a list of tips and advice.
0 votes Thank Flag Link Sat Nov 27, 2010
Chelle,

This is a perfect example of why choosing your lender carefully is so critical, as communication between your mortgage professional and you is very, very important at this juncture of the transaction. I find it is almost always advantageous to use a lender with in house underwriting as it has a positive effect not only on communication but also the time line. You really need to get the answer to your question from the your lender or the person responsible for underwriting. Until you satisfy all conditions you will not be given the clear to close.


Best of Luck,


Tom Priester e-PRO
"Result Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Sat Nov 27, 2010
No, it's no the fastest ever. I've done one in less than 2 weeks. In any case, the only person who can answer this question is the loan underwriter. Have your mortgage broker ask him or her.
0 votes Thank Flag Link Sat Nov 27, 2010
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