tjohnson
08-06-2008, 08:27 PM
Purchasing a foreclosed home with an FHA loan. I was pre approved by lender for $130k. The mortgage is for $121K. Appraisal came in at $127. However, the house last sold for $180k so the taxes for the remainder of this year are still non homestead and much higher than they will be after they reset next year. Why my agent and lender did not realize this might be an issue, I don't know. Am currently in final underwriting approval and just received word that the higher taxes are bumping my loan to debt ratio up 4% over the limit.
My lender is trying to convince the underwriter to not consider the higher taxes as they will reset to new, lower rate in January. Has anyone been through this and how did it turn out? Am in a panic. Our closing deadline is in two days.
Thanks in advance for any responses!
My lender is trying to convince the underwriter to not consider the higher taxes as they will reset to new, lower rate in January. Has anyone been through this and how did it turn out? Am in a panic. Our closing deadline is in two days.
Thanks in advance for any responses!