Home Buying in 37129>Question Details

TitanYoung09, Home Buyer in Murfreesboro, TN

Can anyone give me an FHA lender that can get it done by October 31st with the details below?

Asked by TitanYoung09, Murfreesboro, TN Thu Sep 20, 2012

623 middle credit score, lease purchase contract for 12 months in 9th month have all payments, $2500 downpayment of my own and can use city program for additional $10000. Will have bank statements to show $1700 of reserves by October 10th.

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Trevor Curran’s answer
Good morning TitanYoung09,

Here's a frank answer to your question from a Mortgage Professional with 23 years in the business: the best way to get your mortgage approved in a timely manner is to work with a Local Mortgage Banker (not a regular bank) and to have all your "ducks in a row" in terms of documentation.

That having been said, industry news reports yesterday reported processing times for loan approvals are 25% slower due to the high volume of refinance transactions in the system with Lenders. Add to this industry issue the fact you wish to use a City program for funds. I rarely ever closed loans with NYC subsidies here in New York and I must tell you each time was a timing nightmare. In the few cases I did those loans, I was approved and ready to close in a few weeks and we waited an inordinate amount of time for the City Agency to get its act together so we could close. Maybe your local agency works faster, although I doubt it.

Bottom line: find a VERY experienced Mortgage Banker like myself who can get all the "I's" dotted and "T's" crossed out of the gate to move your loan through as quickly as possible.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 20, 2012
Try Jonathan Bouldin at First National Bank - 893-2273
0 votes Thank Flag Link Thu Sep 20, 2012
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