Home Buying in San Antonio>Question Details

Junie, Home Buyer in San Antonio, TX

Home buying is so frustrating!!

Asked by Junie, San Antonio, TX Wed Jun 26, 2013

We're still waiting on Underwriting for a final approval but here is the background. When we couldn't go USDA due to our verification of rental history ( we rent from my in-laws) we decided to go FHA. We took our monies from our 401ks for the down payment. Then underwriting came back and said that they were reluctant to approve due to our reserves/assets after closing. We discussed with our in-laws and they offered to give us the down payment as a gift. Since this is acceptable through the FHA program we've resubmitted our file back to underwriting and this was last Friday. We have yet to receive a response and it's WEdnesday. We were supposed to close yesterday and I'm just wondering, based on experience, if the reserves was the only reason for the hesitation to approve, should the gift push it over and get us an approval?

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Steve Johnson’s answer
Just so you know, you are not alone in the underwriting process. It is unfortunate that anyone who is going through financing will be held accountable to the same conditions. Make sure your agent has completed an amendment to extend your closing to cover this. Stay in close contact with your mortgage person and though a little bit of turmoil you should make it through the lending process. I pray everything goes well for you. Take care!

Thank You,
Steve Johnson
Relocation Specialist
Fine Homes International
Prudential Don Johnson
18534 Fourty-Six Parkway Suite 1C
Spring Branch, TX 78070
Cell: (210) 325-1833
Bus: (830) 438-5540
Fax: (830) 438-6730

Texas Law requires all real estate licensees to give the following information about brokerage services:

0 votes Thank Flag Link Wed Jun 26, 2013
Try not to worry too much about it.. You are not in that boat by yourself. Underwriting is slow because these lenders are slammed with tons of loans right now. With interest rates going up so fast, everyone that was putting off finally got off the couch and got out into the market..

To answer your question... The gift funds for down payment do usually help quite a bit. Now you have the down payment AND you have the reserves. If there are no other issues on the file that is making it a bit more of a challenge than others, then you should be good to go.

The rule right now with underwriters... Hurry up and wait. They are understaffed and overworked... so they tend to be a bit slow. Not much can be done about it.

1 vote Thank Flag Link Thu Jun 27, 2013
Thank you all. I'm really hoping this is the case, the fact that everyone is so busy. Our scores are 649 and 629 if that means anything.
0 votes Thank Flag Link Fri Jun 28, 2013
Jason is right. It's just that the lender's are backed up. It's also the end of the month so this makes work even more logged for the lender. Just keep on top of your lender and ask lots of questions. Good luck!
0 votes Thank Flag Link Thu Jun 27, 2013
Talk to your lender, Talk to the FHA, The squeeky wheel gets the grease. Dont be afraid to e-mail, text, and call. They are all very busy now as the market has heated. As a realtor I just assume if I call some one and they haven't got back to me in four hours they have forgotten me. I am not saying this has happened to you, just be persistent, and you will get your answer.They are not going to deny you because are persistant.
0 votes Thank Flag Link Wed Jun 26, 2013
Not every application is the same. Underwriters have a duty to make every credit decision based on the whole financial picture of the applicant. And, at their discretion could require certain conditions be met before giving an approval. FHA, USDA and VA gives them that lattitude.

While all lenders must follow FHA guidelines, some lenders choose to be a little more conservative to protect their exposure against future foreclosures. On the flip side, some lenders are a little more lenient whie staying within FHA guidelines.

Hopefully your application is appoved and you'll be in your home soon.

If not, please contact me. Feel free to review my recommendations on this site.

Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
0 votes Thank Flag Link Wed Jun 26, 2013
PNC Mortgage, a division of PNC Bank is one of the largest banks in the nation. We offer just about every loan available in the market and we have an office in San Antonio. If you would like to discuss your options, please call me at 210-325-7631 mobile. A link to my website is listed below
0 votes Thank Flag Link Wed Jun 26, 2013
Yes, it can be very frustrating and who knows what will happen. You just have to be patient. Your loan officer should be able to answer your questions for you.
0 votes Thank Flag Link Wed Jun 26, 2013
No professional can render an opinion for fact we don't represent your mortgage broker and lender. I am waiting for a client of mine whose credit score is 795 , with money to refinance a home where we can move forward with his other real estate services. It has now been 7 weeks ! Still not closed.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
0 votes Thank Flag Link Wed Jun 26, 2013
Good Morning Junie,

I understand how frustrating this can be. The good news is that not all lenders are the same. This scenario that you are describing looks like an easy fix. I deal with this multiple times a day and have closed thousands of loans that other lenders deny for what ever reason. If they do not approve your loan, please call me at 210-789-2870. I will have a full underwriter approval for you the day after you provide me with your application, income and asset documents.

By the way, there is no requirement to have reserves on an FHA loan. I have a loan closing this Friday with $176 in reserves.

From a time stand point, I hope the current lender can work this out for you. In the event that they cannot, just call and I will get you into your home in 2 weeks or less.

Good Luck,
Jon Nichols
0 votes Thank Flag Link Wed Jun 26, 2013
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