Posted on: 27th Mar, 2010 03:46 pm
My Fha score card indicates accepted, my dti is 28/40, through automatic underwriting. I have 4 deliquents happening in 07 and before. and my daughter student loan I co-sign, my credit score is 673 do i qualify for a fha loan. does the automatic underwriting matter or just a formality. If I agree to pay deliquents will that help my situation????
The DU approval is a good thing. If the late payments are for something other than a mortgage, you should be ok. If you have any past due balances, they may require you to pay those first.
If the fha has guidelines and a borrower falls within those guideline, a borrower is even approved with Du, the how is a loan rejected. I received my entire file from my LO, after reading it time and time again, I saw where my DTI was 28/40 My middle credit score was 673, I was meeting conditions they requested, Made arrangement to pay medical bill, of which I know fha does not require, this bill happen in 04. My daughter's sallie mae only effect my dti to 28/40. no mortgage/rent lates "ever" recorded on my credit report or any other time. how can this loan have been denied. just need to understand
Hi doebabe,
Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/loan-rejected.html
Take a look at it. Hope it helps you.
Thanks
Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/loan-rejected.html
Take a look at it. Hope it helps you.
Thanks
Did the lender give you a specific reason why he denied the loan. I don't understand either. That seems like a vanilla deal. Is there anything else you're not tellng us? Try one of the lenders on this site. From the details you provided, there is no reason why you should be approved.
I am not sure of the dollar amount of the medical bill to which you refer.
I do not know why you think FHA does not care about the payment of medical bills. Is the medical bill showing as a collection account or a judgment?
You agreed to make arrangements to pay the medical bill. That makes it sound to me like the medical bill is the problem and maybe the cause for the declined loan. You can make arrangements to pay the medical bill, however, lenders usually want to see what arrangement is made and the they want to see that you have paid 12 months as agreed before they are wiling to not count that as a decline item.
I do not know why you think FHA does not care about the payment of medical bills. Is the medical bill showing as a collection account or a judgment?
You agreed to make arrangements to pay the medical bill. That makes it sound to me like the medical bill is the problem and maybe the cause for the declined loan. You can make arrangements to pay the medical bill, however, lenders usually want to see what arrangement is made and the they want to see that you have paid 12 months as agreed before they are wiling to not count that as a decline item.
