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12-01-2004, 02:54 PM
| | Junior Member | | Join Date: Nov 2004
Posts: 22
| | | Refinance h*ll
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? |
12-01-2004, 03:00 PM
| | Junior Member | | Join Date: Nov 2004
Posts: 22
| | | Sorry...the above should be Fannie Mae... |
12-01-2004, 03:24 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 36,806
| | | My thoughts are that you don't qualify under the 'two year ownership' rule.
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The Eiffel Tower was constructed so that the French would have something very tall to wave their white flag of SURRENDER from so that the 'enemy' could see it before they actually attacked!! |
12-01-2004, 08:18 PM
| | Member | | Join Date: Jul 2004 Location: Nashville, TN
Posts: 249
| | | 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. |
12-02-2004, 09:13 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 22
| | | 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--- |
12-02-2004, 09:20 AM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 36,806
| | Quote: |
Originally Posted by jcweb 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!!!
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The Eiffel Tower was constructed so that the French would have something very tall to wave their white flag of SURRENDER from so that the 'enemy' could see it before they actually attacked!! |
12-02-2004, 09:46 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 22
| | | 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
Last edited by jcweb; 12-02-2004 at 09:48 AM.
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12-02-2004, 02:25 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 36,806
| | Quote: |
Originally Posted by jcweb 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. 
__________________
The Eiffel Tower was constructed so that the French would have something very tall to wave their white flag of SURRENDER from so that the 'enemy' could see it before they actually attacked!! |
12-02-2004, 08:33 PM
| | Member | | Join Date: Jul 2004 Location: Nashville, TN
Posts: 249
| | | 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.
Last edited by m martin; 12-03-2004 at 09:48 AM.
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12-02-2004, 08:41 PM
| | Senior Member | | Join Date: Jan 2000 Location: Los Angeles, California
Posts: 38,192
| | Quote: |
Originally Posted by 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...... |
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
Last edited by m martin; 12-03-2004 at 09:48 AM.
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12-03-2004, 05:03 PM
| | Junior Member | | Join Date: Nov 2004
Posts: 22
| | I really didn't want to start anything---just wanted an unbiased opinion...
btw, loan was approved  | |
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