Home Buying in 11755>Question Details

Chanel Smith, Renter in Baltimore, MD

I got a conditional mortgage approval but one of the conditions is VOR And I have bad rental history...will they give me a final commitment letter?

Asked by Chanel Smith, Baltimore, MD Thu Aug 21, 2014

The first mortgage company denied my loan 14 days before closing due to the bad VOR which they didn't ask for it until then. They also flagged me in the fha system ...HUD will the new mortgage company be able to override this ...

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3
Chanel,
None of us can tell you what they may accept. It would be wise to bring this up early in the process and let the Loan Officer know what they are up against. Some lenders will just decline, others may want more information and request a letter of explanation.
The main concern a lender has is whether they will get paid or not. A history of not paying your housing expense is not going to help, but only the lender can approve or deny you.
Let us know how things turn out.
1 vote Thank Flag Link Thu Aug 21, 2014
Hi Chanel

you may still be eligible for loan just check with different lender . some lender requires vor and some dont.


good luck

Omar Khamisa
1 vote Thank Flag Link Thu Aug 21, 2014
Chanel, please do yourself a favor and speak with a Loan Officer. You're getting some bad advice here. If your rental history shows you have had late housing payments, you could pretty much forget about the possibilities of getting a mortgage, and even more now that you have been denied for a mortgage and it's posted to HUD. The next lenders will HAVE to also verify rental history.

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Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
0 votes Thank Flag Link Mon Sep 8, 2014
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