Ask a loan processor.

yota you gonna be in PISSMO?

 

Why are refi standards so rediculus with regard to documentation of income. I am doing one now and hitting flack over deposits I make to my checking account that are over $1000. I carry that much around on me. Whats the big deal about deposits over $1000? i supplied tax returns, pay stubs, and bank statements. Now they want to verify deposits over $1000 in my checking account. I have to deposit over 4k every month to break even in the account I use to pay bills.
The Banks screwed up and handed out cash to everyone and everything, now they are super fussy about who gets a loan. It's strangling the real estate business and ultimately the economy in general. Business will not pick up with out more demand.
I am a super low risk (800+ credit, guaranteed income, no debt) so I am not worried about getting financing but I am getting some major scrutiny over a refi when I have 150+k in equity.. A PITA !

 

im a processor so i cant do that, but try calling b of a and ask if you qualify for the MHA program.

nope, my truck wont be moving for a while

thats guidelines..

 

I can do that. Thanks!

 

Justify them.

 

never know, i might get your loan haha

 

they are our guidelines, no need to justify them. we have to have proof or no bueno.

btw i dont agree with alot of guidelines and that is one of them, but its life and it sucks.

 

The point is, I am about the best candidate for a refi anyone could possibly want.The lenders are being so hard on people it is killing the industry. I can't imagine average people being able to get help with anything, if you are going to be this hard on me how are they to get anywhere? Are you all so scared of loosing your jobs because someone might make a typo? The standards are ridiculous.

 

Then it's the government that is wrong here. The lenders brought all this regulation on from past relaxed standards, and don't tell me the government forced yo to give out the loans, that's BS. It was the Banks that almost destroyed the economy both here and around the globe. The indiscriminate feeding frenzy in the mortgage business and the fraudulent bundling of bad loans being rated as Class A low risk investments. The banks knew what was happening but they realized that the problem was so complex that no single entity could ever be blamed when it all came crashing down.
Sorry bro, I am venting. I hope it was not you. I will stop beating on banks now,lol.

 

What you are saying is what I have found to be true. The regulations in place now are brutal. The Big banks on wall street bundled the loans that were given to poor risk clients, but Freddie and Fanny were not owned by the government back then. Nobody can force a bank to lend money to a bad risk, this is America. Then Moody's rated the bad loans with an A. Everyone got rich selling them off. When the bottom fell out, we the people are taking the worst of it. I few people knew they were all bad and hedged against them. They made Billions. Magnatar fund comes to mind, or something like that

 

Letting the big banks fail is another discussion. I am on the fence with that one. They are so woven in all over the world (like AIG) that letting them fail would have destroyed the global economy I think. I think it would have made the great depression look like "a parking ticket". Investing and lending should be separate. At least we are still here now. We should break them up! Small banks are entirely different.

 

i agree if someone like chase or b of a went under i dont think it would be too good.

i also agree it is much harder on smaller banks.
we dont want the regulations to be that harsh either but theres nothing we can do.

 

smaller banks are taking a beating because the big banks got GREEDY!

 

Im in Lending and a guideline is just that - a guideline. Not a policy. a policy is something that cant be messed with.But guidelines can be pushed

 

okay well my guidelines cant be pushed. they push back and you might end up on your ass on your couch unpaid.

 

.
Sub'd ... because we are going to change houses soon.
.

 

if you make a deposit thats more than 15% of your monthly income we have to have a letter of explanation.

just so you know, just figured out the exact guideline.

 

THIS

I've had an account with USNMFCU since I was about 1 lol. They've always been great to me.

 

I agree. No one forced people to take stupid loans. The problem was everyone was greedy. All they saw were dollar signs from flipping the home in 5 years so they leveraged to the hilt.


My wife and I are trying to refinance our condo and it has been a royal pain!!!

We just about had it refinanced after about 4 months of back and forth with the lender. Then they got seized just as our paperwork was going to be turned in (Home savings). GAHHHH!

We're on track with another lender and we just got our appraisal done (AGAIN!). The thing that sucks the most is we had to pay for a new appraisal at $450 a crack, because the new lender didn't want to accept the appraisal of the seized bank. I thought the appraisers were supposed to be independent?

 

i know we have to have a new appraisal done no matter what, we can only accept landsafe..