David Cooper Superior Research for a Better Buying opportunity
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While we all use the same guidelines when underwrting, it's the interpretation of the guidelines that is different as well as the loan officer's ability to package a file in order to highlight the positives and find solutions for any challenges. Loan officers who work for brokers are typically under more scrutiny from underwriters than are loan officers who work for a mortgage bank in tandem with their in-house underwriter - these situations usually allow the LO and underwriter to work together to find a solution. I've been in both situations and my current situation working for a mortgage bank is much better than when I worked for a broker. Feel free to call me to discuss your situation to see if we can overcome the challenges - I can take any issue directly to my underwriter to get their feedback as well.
Absolutely. But.....don't you love the butts?
The new Lender will see exactly what the other lender saw that made you not qualify. Have a chat with the 1st lender that could not fund the loan. Ask them if you can fix the issues and return to them for a loan. They worked hard for you and you should thank them for their efforts.
Some items are fixable such as a slightly low credit score, a bill that was not paid, inappropriate asset to dept ratio, etc. Some items are not fixable without the magic of time such as missed payments, late payments, loss of income, SHORT SALE, BANKRUPCY, charge offs, etc.
I recommend that you do not pay a Lending Company or Loan officer any money until they have qualified you for a loan and you are ready to fund. The only funds that should leave your hands before closing is the appraisal fee. That goes directly to the appraisal company.
Ask the Realtor that you are working with for a recommendation of a Loan Officer. A Mortgage Broker will have many more options than a Bank or Credit Union. The Mortgage Broker may charge higher fees, but .....you got the loan and can enjoy your new home.
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
Steven Goldman, CRS
Certified Short Sale Professional (CSP)
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
Las Vegas, NV 89135
Web Site: http://www.teamgoldman.info
Of course you can, but you should find out why they declined you and discuss the issue with your current and next lender. If there are issues you can address, do it. Without knowing more it's hard to say whether you'll be successful or what strategy to try.
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704