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Mortgage Loan Officer Recs
Posted on 10/3/16 at 11:16 am
Posted on 10/3/16 at 11:16 am
Have a pretty unique situation. Without boring you with all of the details, I am looking to see if anyone has any mortgage loan officer recs that may have experience with originating a loan while in Chapter 13.
Long story short, bought my first house in my early twenties from what was supposed to be a "family friend," figured out after about a year that it had foundation issues. Ended up being a $175k house with $100k in foundation issues so in order to protect myself I filed Chapter 13. Most loan officers I have spoken with think you have to be discharged, when in reality you do not.
I have been renting the last couple years from a friend but that house was flooded and living with the parents when you're married and have a kid is only fun for so long. Any help or recommendations would be appreciated.
Long story short, bought my first house in my early twenties from what was supposed to be a "family friend," figured out after about a year that it had foundation issues. Ended up being a $175k house with $100k in foundation issues so in order to protect myself I filed Chapter 13. Most loan officers I have spoken with think you have to be discharged, when in reality you do not.
I have been renting the last couple years from a friend but that house was flooded and living with the parents when you're married and have a kid is only fun for so long. Any help or recommendations would be appreciated.
This post was edited on 10/3/16 at 11:17 am
6
Posted on 10/3/16 at 2:25 pm to ruger35
What State do you live In? I know someone
Posted on 10/3/16 at 2:39 pm to GeauxTigers1983
Louisiana.
Posted on 10/3/16 at 3:14 pm to ruger35
Call Stacey Chehardy. Regions Bank. She can help. 985 710 0050
Posted on 10/3/16 at 9:13 pm to ruger35
I did this in BR last year.
You will need the court's permission which may not be easy to obtain.
You will also need to qualify with 31/43 debt to income ratios on a FHA loan as the file will be downgraded to manu underwrite, meaning the automated findings from Desktop Underwriter will not apply
You will need the court's permission which may not be easy to obtain.
You will also need to qualify with 31/43 debt to income ratios on a FHA loan as the file will be downgraded to manu underwrite, meaning the automated findings from Desktop Underwriter will not apply
Posted on 10/3/16 at 9:56 pm to ruger35
Yes, Eustis Mortgage in Prairieville, 225-677-6704 and ask for Nathan.
Posted on 10/3/16 at 10:50 pm to ruger35
Typically, as long as you are 1 year beyond the bankruptcy filing, are making payments and get court approval, you should be fine for FHA.
Conventional will likely need to be dismissed or discharged. Your best option and maybe only option is FHA.
Conventional will likely need to be dismissed or discharged. Your best option and maybe only option is FHA.
Posted on 10/5/16 at 11:25 am to ruger35
Listen to Novabill on this one what your trying to get done is not easy thing your trying to do and a lot of loan officers are going to say know due the absolute time sucking process this will be on them.
Posted on 10/5/16 at 12:28 pm to novabill
quote:
I did this in BR last year. You will need the court's permission which may not be easy to obtain. You will also need to qualify with 31/43 debt to income ratios on a FHA loan as the file will be downgraded to manu underwrite, meaning the automated findings from Desktop Underwriter will not apply
My lawyer advised that as long as I stay in the same ballpark as the rent, $1200/month, it should not be an issue. I am currently trying to get a preapproval amount/prequalification before setting up the court date for the trustee to approve.
DTI ratios will be fine, even with more house than what I was originally looking for. If you don't mind, who did you use? I am currently working with the loan officer at GMFS who did my mortgage for my first house and there at least seems to be some progress being made with the underwriters. Most places have told me they do not even do manual underwriting.
Posted on 10/5/16 at 12:29 pm to npt817
quote:
Yes, Eustis Mortgage in Prairieville, 225-677-6704 and ask for Nathan
Thanks, giving him a call now.
Posted on 10/5/16 at 1:22 pm to ruger35
I am a mortgage lender.
GMFS has some good loan officers that know what they are doing. Some of them have been there for many years. I would think that if it can be approved they can get it done.
GMFS has some good loan officers that know what they are doing. Some of them have been there for many years. I would think that if it can be approved they can get it done.
Posted on 10/5/16 at 9:21 pm to ruger35
Call Danielle Berthelot with NOLA lending. If you need her # send me an email
finch.td.lsu@gmail.com
finch.td.lsu@gmail.com
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