Thanks for the response. I work for a nationwide mortgage bank and have been in the bsiness for over 20 years (and still having a great time!) The 43% that you reference is related to manually underwritten files, not AU files. If LP or DU accepts the file, it is done as long as the underwriter can validate the data. That being said, some lenders have overlays that limit them to a specific DTI regardless of findings. This is an investor issue and will vary from lender to lender, but is not an FHA standard. In fact, if you are having problems closing FHA loans with DTIs above 43%, please let me know. I am sure that we have an office nearby that would love to have you on their team. :-) Again, my comments regarding the banker vs broker was related to getting more flexibility (in some areas) with a mortgage bank as opposed to a commercial bank. Anyway, thanks for the great comments and perspective.... more
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-Hope this helps!... more
I live on Washington St. (lower numbers) and crime definitely exists here.
I have personally witnessed fights almost nightly outside my building during the summer after the bars close, I have had a chained up Vespa scooter stolen from me about a year ago, and there was a homicide on River St (not too far away from here) about 4 years ago when I first moved to Haverhill which was a drug deal gone wrong. Helicopters in the air, and emergency vehicles everywhere.
If you're looking to stay away from criminal behavior, try Bradford or Georgetown. It's still close, but safer and quieter.
If you're anywhere near downtown Haverhill, there WILL be disturbances, and it may involve you.... more
Were working with a lender, the broker was positive we were golden. Now all of a sudden the UW is requesting a million other things, after inspection, appraisal etc. have all been paid for. Needless to say I'm worried their going to deny it a week before projected closing.
Main reason is DTI, were looking into a FHA income 2013 $47k, 2014 $59k and YTD at $59 so projected about $65 by year end. Reccuring monthly debts are a bit under $1k (my wifes car payment is killing my DTI @ $718 but her APR would have been 18.9%) She will not be on the loan due to a messy past divorce.
My GFE on the home is showing a $1,600 payment @ 4.5% including everything, PMI, Principal, Interest, Taxes and HOA Bringing me to 52% DTI. Median Score I believe is 649
Do I have any hope? If so how quick is a FHA able to be processed?... more
Growing up in haverhill some nicer areas are east broadway, further up off of broadway (past target), ward hill, Bradford (more towards Salem St), and off of Kenoza ave past Lawrence street, and the "aves" past 11th are normally nice. Stay away from the high street area, lower aves, and cedar street.... more
Be mindful that average days does vary by exact location, pricing, size, condition, etc., so rather than focusing on such information, review a cma with your agent, comparative market analysis; see what the data suggests and go from there.... more
That seems like a tall order. Did you have a lender run it through the automated underwriting system yet? Did they get an approve but their lending guidelines cap you out at a lower number? If you were denied via automated underwriting, everyone else will get the same result, with the same input.