E. J.
Irving,#2Consumer Suggestion
Mon, October 20, 2008
For heaven's sake. Our economy got into a huge mess for not getting sufficient documentation to back up income and assets on loan approvals when Fannie Mae and Freddie Mac was prodded to do so in the interest of increasing home ownership. You should not be upset with them getting this documentation that is absolutely normal for this type of income. There is not a violation of HIPA because you are providing this of your own volition. If you don't want to show proof of income, they can simply decline the file, unless there is other income to consider. I would venture to guess that your loan officer may have lacked experience because I would have told you up front if you needed that income to qualify what type of documentation would be necessary. We have to show that it exists and will continue for the forseeable future (3 years is typical for FHA). It also seems that you have reason to be frustrated, but you also seem to have a short fuse based on how you responded to the other person who was trying to explain this to you. I also would question how someone with less than one month in reserve can confidently persue the purchase of a home. I know times are tough, but that should not be the deal killer.
E. J.
Irving,#3Consumer Suggestion
Mon, October 20, 2008
For heaven's sake. Our economy got into a huge mess for not getting sufficient documentation to back up income and assets on loan approvals when Fannie Mae and Freddie Mac was prodded to do so in the interest of increasing home ownership. You should not be upset with them getting this documentation that is absolutely normal for this type of income. There is not a violation of HIPA because you are providing this of your own volition. If you don't want to show proof of income, they can simply decline the file, unless there is other income to consider. I would venture to guess that your loan officer may have lacked experience because I would have told you up front if you needed that income to qualify what type of documentation would be necessary. We have to show that it exists and will continue for the forseeable future (3 years is typical for FHA). It also seems that you have reason to be frustrated, but you also seem to have a short fuse based on how you responded to the other person who was trying to explain this to you. I also would question how someone with less than one month in reserve can confidently persue the purchase of a home. I know times are tough, but that should not be the deal killer.
E. J.
Irving,#4Consumer Suggestion
Mon, October 20, 2008
For heaven's sake. Our economy got into a huge mess for not getting sufficient documentation to back up income and assets on loan approvals when Fannie Mae and Freddie Mac was prodded to do so in the interest of increasing home ownership. You should not be upset with them getting this documentation that is absolutely normal for this type of income. There is not a violation of HIPA because you are providing this of your own volition. If you don't want to show proof of income, they can simply decline the file, unless there is other income to consider. I would venture to guess that your loan officer may have lacked experience because I would have told you up front if you needed that income to qualify what type of documentation would be necessary. We have to show that it exists and will continue for the forseeable future (3 years is typical for FHA). It also seems that you have reason to be frustrated, but you also seem to have a short fuse based on how you responded to the other person who was trying to explain this to you. I also would question how someone with less than one month in reserve can confidently persue the purchase of a home. I know times are tough, but that should not be the deal killer.
E. J.
Irving,#5Consumer Suggestion
Mon, October 20, 2008
For heaven's sake. Our economy got into a huge mess for not getting sufficient documentation to back up income and assets on loan approvals when Fannie Mae and Freddie Mac was prodded to do so in the interest of increasing home ownership. You should not be upset with them getting this documentation that is absolutely normal for this type of income. There is not a violation of HIPA because you are providing this of your own volition. If you don't want to show proof of income, they can simply decline the file, unless there is other income to consider. I would venture to guess that your loan officer may have lacked experience because I would have told you up front if you needed that income to qualify what type of documentation would be necessary. We have to show that it exists and will continue for the forseeable future (3 years is typical for FHA). It also seems that you have reason to be frustrated, but you also seem to have a short fuse based on how you responded to the other person who was trying to explain this to you. I also would question how someone with less than one month in reserve can confidently persue the purchase of a home. I know times are tough, but that should not be the deal killer.
Summergirl
Searcy,#6Author of original report
Sun, December 16, 2007
You'd be strap for cash too...if you just paid for a moving truck, had to buy some furniture....just the basics, to get by with. I was hoping to have a month before the first house payment was due, so I could acquire a few more needed items also all the deposits required for new service that goes with the move. Being strapped for cash is not the issue here anyway!!!!
Briana
Chicago,#7Consumer Comment
Sat, December 15, 2007
Although I can understand being uneasy about talking about your disability, the lender requires some form of documentation that tells what you are eligible for and if you will continue to get disability payments. Because you are disabled, there may be no other type of income that you get so they are protecting their interest. What I don't quite understand is your displeasure of having to pay in early 2008. I am sorry and don't mean to be disrespectful, but how could you buy a new home if you were that strapped for cash? I wish you well.