Conventional loans require you to count your deferred loans whereas government financing doesn't as long as it's deferred twelve months past when you close. In his profession it's common for loans to be deferred until he's done with his schooling and/or including his fellowship. This should be a slam dunk to any lender who properly submits a correct loan package with the appropriate documentation to support it.
It sounds like you're trying to do a conventional loan with your current lender. You should be able to qualify for a FHA loan without any problem. If your current lender is turning you down despite doing a FHA loan, you need to seek a new lender ASAP.
On the other hand, if you're not interested in the property any longer because of a new property you've spotted, that's an entirely different matter and the thirty days is irrelevent. It would be best to decide what you really want before making any rash decisions. The current escrow not wanting to wait the thirty days may be the 'out' you're secretly hoping for.
Best of luck! Feel free to contact me if you have additional questions.
If your agent needs a litte educating, I'll be happy to have a conversation with them as it sounds like the loan officers they work with are inexperienced in government financing... Just saying. :)
A correspondent lender has authority to underwrite and fund loans for their correspondents. You have everything we should need from the information you forwarded to BAC. I would perform at my very best to have you file "Rushed" through our Operations Department.
We typically surprise even the most demanding type of "REA" on our purchase transactions. Either portfolio or correspondent , we will serve you well. ... Happy funding- Rudi
PS- All the above is based on non-conforming loan amounts.
Typically banks as BAC sell their loans as a RMBS. Portfolio lenders keep the loans they fund in their portfolio. Not the rules for Securitization. Should you wish to discuss. I will be very pleased to take your call.- Best- Happy funding- Rudi
The agents in my offices have had recent success with a Senior Mortgage Officer:
Tom R. Callahan / email@example.com
Good luck to you - TJ
Thanks for your thoughts... definitely some things for us to consider, especially regarding having longer for the loan to go through if we decide on the short sale. In the end, we have to decide which home (and location ) we like better and whether or not the extra $30K or so is worth paying for the one that is standard sale.
What I can tell you is that we can close your deal within ten days if you are pressed for time. I am sure BofA will take more than 30 days. I suggest you call me and discuss the possibility as it seems time is ticking by. We are a full service lender in California and I know the LA County very well. Let me know if I can help.
You have some excellent answers below. I hope that it is "deferred as my colleague below mentioned. You may contact me below for referrals to two different loan officers that may be able to help you.
All my best,
Dot Chance, RealtorÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
DRE License #01494182
Keller Williams Realty World Media Center
WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
All the best,
San Fernando Real Estate Guy