Posted on: 09th Aug, 2010 02:24 pm
We pay taxes, show address on driver's license, voter's card, and have excellent credit history, 32 yrs. with same company, high liquid assets, no-cash out, and still a problem with whether home is deemed investment or primary. Is it an invasion of privacy to contact human resources dep't. of company?
Hi Guest!
Welcome to forums!
If you have been staying in the same property for a long period of time and also show the same address on your driver's license, then the underwriter should not doubt whether the home is deemed investment or primary. I did not understand why suddenly the underwriter would contact the human resource department of the company.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have been staying in the same property for a long period of time and also show the same address on your driver's license, then the underwriter should not doubt whether the home is deemed investment or primary. I did not understand why suddenly the underwriter would contact the human resource department of the company.
Feel free to ask if you've further queries.
Sussane
Move on to another lender. If everything (license, voter's card, bills etc), that sounds extreme that they are still questioning the validity of your primary residence. How far is your job from your primary residence? How many homes do you own?
Small, friendly local bank's NY Underwriter is using the one criteria to question approval of our desirable refi. The commute is (8)-hr. drive for a busy executive. from PA to NC. All tax bills, utility, drivers' licenses, point to home as primary. There is only one homestead owned, and we would never rent it out. Nevertheless, the tight regulations are the result of the sub-prime bust hurting the honest folks like us. We interviewed several, and no matter which mortgage specialist you choose, they use similar Underwriters with tight reins. This period is a test cycle that will be scrutinized next spring and the reins will become even more strict. Obama's "short refi" program out in September will help those whose mortgage outweighs the equity, with conditions, but we do not qualify as we have great equity, small mortgage, excellent credit scores, history, job stability, and are penalized for it!
What bank is it?