Posted on: 10th Oct, 2009 07:01 pm
Hey, I co-signed on my sister's home a year ago and am now in the process of purchasing my first home. Although I am told this is my second home I thought I would not have a problem getting a home conventional loan with 20% down. Just as I was guanteed the 80% loan my lender states that he did not realize there was a late payment back in Feb on my sister's home. This of course is silly because I told the lender and they even saw it on my credit report and questioned it. What happens now? Do you think I will be told that I can no longer have the loan or that an underwriter must be obtain.? Please help me understand what's going on I closed on Nov 6th and am very scared the sale will fall apart!?!?!
Since you co-singed for yoru sister you are not eligibel for the first time buyer credit
On the other note, if for some reason the payment was late on mortage, then ti woudl have affected yoru credit report. Even if you have good credit score after that, that elnder will evalaute and measure his risk, before they can approve your loan.
This is a negative item, but depending on the lender and the underwriter, your rates may go up a little
On the other note, if for some reason the payment was late on mortage, then ti woudl have affected yoru credit report. Even if you have good credit score after that, that elnder will evalaute and measure his risk, before they can approve your loan.
This is a negative item, but depending on the lender and the underwriter, your rates may go up a little
Thanks sunnyca2009, I hope the rate will not go up too much. That's why people are forclosing based on the underwriters approving a higher mortgage and not be able to afford the payments. HAGD
Jazzy
That is a blanket statement that I do not agree with. If the loan meets Fannie guidelines then why blame the underwriter?
That is a blanket statement that I do not agree with. If the loan meets Fannie guidelines then why blame the underwriter?
thanks eric for sticking up for an underwriter. having spent 10 years underwriting fannie and freddie plus jumbo and portfolio products, the key word is always "guidelines." yes, guidelines change, and they've changed dramatically in the last 2-plus years to become far more conservative, but those loans that i approved were all within guidelines.
certainly greed didn't play a part in it - i was hourly and the only time i had incentives to underwrite it was on pure volume, and that included declines as well as approvals.
certainly greed didn't play a part in it - i was hourly and the only time i had incentives to underwrite it was on pure volume, and that included declines as well as approvals.
