Question about our loan

[boodog]

Loan details:
Stated Income
Wife's FICO 774
loan amount $202K @ 30yrs
$20K down
Home appraises for $217k
Countrywide as lender
Closing date 9/11

My wife and I have applied for a stated income loan. Our loan officer is using Countrywide, and says everything is looking good and he doesn't see anything that would cause it not to go through. My wife's FICO score is 774 which is why the loan's in her name with my name appearing with hers on the title (my FICO is considerably lower). The underwriter asked for clarification on her maiden name (we're both remarried) and an old address that appears on her credit report. Aside from that, it's looking like we're going to be accepted for the loan, so says our finance guy.

QUESTION 1: If the lender says we're accepted, is there any remote chance that they could cancel the deal if mortgage market conditions worsen? I've been reading about the volatile mortgage market and don't want to risk something going wrong before closing.


QUESTION 2: If we're accepted in the next day or so, would it be advisable to push the closing to now instead of 9/11?

Advice please!!

[PaulChapman]

From a brokers point of view, it was always rude to submit a borrowers deal to multiple lenders. Kind of a slap in the face to the account executive for the lender. These days, if your loan officer is good, he should have the deal in the hands of several banks.

Lenders' guidelines are changing daily. There's really no way to prevent it except to cover your butt and have a back-up in place.

In my honest opinion, if you can close early, then do so.

[Rich_in_CT]

Bank of America just bailed out Countrywide bigtime so you should be safe for the time being, I don't see them going under anytime soon.

[rama1]

... because if they (Countrywide) will go down, many others will follow. It is seems that American market, despite Dow Jones roller coaster, could drown because of some collateral event. Like hurricane, earthquake or something else (God forbid all of these).
In general, try to close earlier.

[ltcobretti]

It is possible that they will not fund the loan. There was news today about the President helping the sub-primers, so you are probably safe and CountryWide is a big company, closing sooner should minimize the risk - which is minimal to begin with...

[ScottsdaleHomes]

I agree with most of what is stated above. The bottom line is that things are changing so fast in the mortgage market right now, that anything could happen. Guidelines can change and companies can close their doors overnight. Countrywide is a large company but they too are having problems. The sooner you close the better.

Best of luck to you.

[TJ2007]

As far as I am aware Countrywide cut most if not all their 'stated income' programs last week. Make sure your loan is LOCKED and approved if you want any chance of closing. Even then that is not a guarantee, many people are finding their lenders pulling out even on the day of closing.

IF YOU CAN CLOSE EARLY DO IT. with the current market the seller should be as motivated as you to close early.

I would definitely have a back up approval in place also if not 2.

Personally I have never liked countrywide. There are other lenders out there right now being more aggresive and more interested in closing deals.

Good luck. If you run into problems I'd love to help you.

[wikkideclipse]

Loan details:
Stated Income
Wife's FICO 774
loan amount $202K @ 30yrs
$20K down
Home appraises for $217k
Countrywide as lender
Closing date 9/11

My wife and I have applied for a stated income loan. Our loan officer is using Countrywide, and says everything is looking good and he doesn't see anything that would cause it not to go through. My wife's FICO score is 774 which is why the loan's in her name with my name appearing with hers on the title (my FICO is considerably lower). The underwriter asked for clarification on her maiden name (we're both remarried) and an old address that appears on her credit report. Aside from that, it's looking like we're going to be accepted for the loan, so says our finance guy.

QUESTION 1: If the lender says we're accepted, is there any remote chance that they could cancel the deal if mortgage market conditions worsen? I've been reading about the volatile mortgage market and don't want to risk something going wrong before closing.


QUESTION 2: If we're accepted in the next day or so, would it be advisable to push the closing to now instead of 9/11?

Advice please!!


If you can close early, then do so.