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!
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
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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.
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
Castle & Cooke Mortgage
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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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.