Refinance h*ll

[jcweb]

What is the name of your state?IL
Ok, here is the latest...we were approved for a refi..under what we wanted but was sent back to underwriting for review for more funds....guess what just popped up---a late on a credit card payment--payment was made but was short....ok, so we go to second lender---they are going back to original credit (before ) late pay...so we are approved BUT they (freddie mac) want 2 years homeownership----we are a MONTH away from 2 years, so they will try to manually override that clasue....what are your thoughts? The underwriter seems confident this will go through....any experience with freddie mac?

 

[jcweb]

Sorry...the above should be Fannie Mae...

 

[JETX]

My thoughts are that you don't qualify under the 'two year ownership' rule.

 

[MortgageGuru]

Get a copy of your rental history from your landlord prior from 2 years ago. Have the additional funds to bring the credit card fully current taken out of closing. It's very odd that they are asking for 2 years history when only the last 12 months is evaluated.

 

[jcweb]

I am not sure I understand...I am the landlord---we bought the property 23 months ago and have had renters living there--they just want 2 years ownership---

 

[JETX]

we bought the property 23 months ago and have had renters living there--they just want 2 years ownership---

Seems pretty self-explanatory to me..... and even more so since this is NOT your primary residence, and thereby an even higher risk to the mortgage company!!!

 

[jcweb]

I'm looking for someone with an open mind here--I sure rules have been bent before-we have good credit and plenty of equity in the house---if I wanted someone to get snippy with me, I would just talk to my husband

 

[JETX]

I'm looking for someone with an open mind here

Translation: I am going to ignore anyone who says I am wrong until I finally get someone who agrees with me..... or I am going to throw myself on the floor and kick and cry until my mommy comes home.

 

[MortgageGuru]

She's not wrong. If they have to have 24 months of ownership in the property then find another lender. Fannie and Freddie guidelines only need 1 year home ownership in order to cash out on an investment property.

 

[I AM ALWAYS LIABLE]

She's not wrong. If they have to have 24 months of ownership in the property then find another lender. Fannie and Freddie guidelines only need 1 year home ownership in order to cash out on an investment property......

My response:

We don't ambulance chase and we don't solicit clients, MortgageGuru, off of the FreeAdvice forums. If it were allowed under our rules, I would be "cherry picking" new clients right and left.

Please delete your offer.

IAAL

 

[jcweb]

I really didn't want to start anything---just wanted an unbiased opinion...


btw, loan was approved