Thomas is a spammer/ yes man.

Wayne gave you good info.

If the lender records the denial with HUD..... Then the new underwriter CANNOT overrule the initial underwriter without strong new information.

Example: Denied for Debt Ratios? Then if you refinanced an auto to bring it down enough, that WOULD BE strong new information.

Underwriter B cannot overrule underwriter A just based on lender guidelines....

Remember: FHA has guidelines. Lenders have Lender Guideline Overlays....

It is VERY, VERY important to pick a lender wisely if you have a shaky profile(for the reasons discussed). I recommend that you talk frankly with your realtor.

Unless procedures have changed, you can transfer a declined loan to another lender. That said, the new lender will have a record of the previous decline in HUD's system.

The underwriter will have to see a copy of the loan decline from the other lender, as well as, make a strong case to HUD as to why he/she is approving the loan.

Hope this helps.

Yes you can get approved by a differenct lender. We are granting FHA loans down to a 530 fico score under the following conditions.

Refinance’s ( Min 530 score)
o 0x30 on Mortgage
o 35/45 MAX DTI
o No cash in hand
o Tangible net benefit
o NO late’s after BK
o NO consumer lates in last 6 mths

FHA guarantees loans -- it does not make them. Banks and other lenders make loans, and they can try to get the FHA guarantee or not. The type of guarantee or insurance is often used to identify the type of loan. FHA and VA guarantee loans and USDA does, too. Conventional loans can also get private mortgage insurance, instead of using a government guarantee program.

Just because one lender turned you down, does not mean that any other lender will turn you down. On the other hand, if the property was turned down because it didn't appraise for enough, that's going to be a problem with every FHA lender because the appraisals are valid for 6 months.

HUD has rules, but no information from one lender is shared with another (except appraisals and completed loans).

It sounds like your credit history is where the problem is. The maximum effect on your credit score occurs when a brand new collection occurs. As the collection account ages, its effect on your score lessens. So, an old collection can brutally lower your score, if it is made active recently, such as by paying it off.

Keeping your credit report clean is, unfortunately, your responsibility, and most people don't even know what creditors are doing to them. Challenging errors, including old items, takes a few weeks to get the credit bureau to remove them every time they appear. You say it is currently clean right now? Then, act.

If one lender turns you down, the exact reason is needed to fix the problem. Tell the next lender up front about what happened with the last one before applying.

You can't because fha is a government program and I think they all have the same guidelines, it's going to the same source: the government.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

You need to go to a broker, not a bank. Banks are too rigid sometimes. this shouldn't have been a problem with good explanation. If it's a large amount, maybe. If it's utilities, doctor, cell phone - not a problem. Find another lender. If all else fails, after talking to the loan officer, see if you can call the company and set up a payment plan with them. Make a few payments, show the lender you are paying them. Buy the house and then tell the company you changed your mind and want to dispute the account.

Potentially. Try with another bank or a mortgage broker.
I've seen loans shopped around to someone who will take it.
Is this the only reason they gave you for the decline?
How are your credit scores?

We've got a couple of great lenders than can potentially help.

Drop me a line

No, not necessarily. It really depends on how the information in your loan package is presented to the investors. If it is off all 3 credit reports I don't see any reason why you couldn't get a loan that would work for you as long as youmeet the other loan requirements of steady employment and documented income and a current bill pay status.
If I can be of further assistance, please do not hesitate to contact me. I will do what I can to help you or point you in the right direction.

Sharon Dolan
Keller Williams Realty
214-789-8533 cell http://www.DallasHomesToday.com
sharon @dallashomestoday.com

If the collection is deleted from credit reports then no record of collection account, and your credit scores should have increased by approx. 5 points.

You can try again, happy assist I am a Dallas realtor and loan officer.

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
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You should just apply....
While in theory they can report to hud..... You may be able to get another underwriter to accept a letter of explanation as to why the account was there and why it no longer is there.
Some lenders don't require old collections to be paid anyway!!!

Not necessarily. I would try someone else and see what happens. Visit my web site and click on lender info (right hand side). That lender can definitely help you!

Good luck!!


Jackie
truvaluerealty@gmail.com