I'm stumped. I'm not so sure what is the answer to that question. I'll do some poking around and get back to you if I got an good answer. You should email the people at Lending Tree as they probably can answer it..

Jody.

If you are in the same line of work, changing jobs should not pose a problem normally. Lenders want to see 2 yrs continuity of profession, though not necessarily with the same company. Who is issuing the conditions? If it is the underwriter, then with satisfactory responses you should be done. However, I have questions that I would need answers to before I can give you accurate answers. How far into the Lending Tree loan process are you? Have you just applied or are you looking to close on the Lending Tree loan soon? Is it a purchase or a refi? Has an appraisal been done and what about home owners insurance? If you would rather email me the answers over posting here, that would be fine with me. I am finding very little time right now to even get over here to read and post..

BTW what type of scores do you and DH have?.

Fla-tan..

Thank you for responding. I will follow the advise regarding the letter. And all your saying is true, It would mean the world to me not to be renting anymore..

Flan-Tan, I'm not sure how to email your privately, I dont' know your email address, but if you get a chance here is the info..

It is a first time home purchase. We actaully applied for the Lending Tree loan last friday through wells Fargo. The underwriter is requesting this information, but I am getting it all second hand through the Lending Tree mortgage person at wells fargo. I was told our combined scores were 680 and 690. I think the problem was I changed jobs with very few hours now, and when they added the time up I hadn't been working for 2 years because I had taken off 1.5 years when I had my son..

The underwriter was also concerned that we needed to be approved 2x, thru them and also through rural development. The main problem is our debt to income ratio. With just my husbands income he makes about 35,000. With the taxes and insurance included were were over the ratio. but paying off the student Lending Tree loan will eliminate a 120.00 payment each month. Now we pay 333 car payment, and 210 student loan, 12.

Every 3 months but they have to count it. The house is being appraised on monday. We are actually hoping it is appraised at less than we offered, (60,000) so that the seller may come down 1-2,000 and the Lending Tree loan amount would be for less. We found out the house had been appraised previously by the owner and only appraised at 55,000. That's all I can think of..

So I can contact the underwriter personally? I was never told this. thank you all for reading and helping. I am such a wreck and I am so grateful to have this board to turn to. thank you. jody..

I have been doing purchase for 11 years thier are many programs that do 100% purchase stated income 620 middle score if you have any more ? let me no..

When we bought our home it was listed at 59900 and it appraised at 58000 so the seller had to come down....let's hope that is your case too! Also, if you can't get approved for this particular home you may have to look for a lower priced one. Have you thought about going down a few thousand to lower your ratios by finding a lower priced home? Or can you possibly put down some extra money? Get a "gift letter" from someone for a grand or so and see if that helps. As long as you don't have to pay it back then you can use it for the down payment..

As for your job...well when we applied for our home I was working part time for only 90 days and not in my original line of work. They used my income anyways. My husband was working full time though making pretty good money...

Jody.

If you click on my name at the top of the post, it will take you to my account and will then allow you to email me. I think you misunderstood me a bit, you don't talk to the underwriter, your Lending Tree loan officer provides you with what the undersriter requires and you then provide it to the Lending Tree loan person who transmits it to the underwriter. As far as having the seller lower the price, I remember a bit of the original post now, didn't you offer more than the asking price? If that is the case, then it is very possible that the seller can hold you to that higher price. If the appraisal comes in 2000 lower than asking price, the Lending Tree mortgage company, Wells Fargo, will only go to the appraised price and you will have to come up with the balance..

BTW, if you are unable to find my email address, it is.

Good luck to you..

Fla-tan..

T.

I will try to contact you today..

Fla-tan..

Helen, this is an unusual price in our area, all the other houses i've seen at this price need thousands in repair, or I could buy a trailor on a rented lot for about 30-45000, which defeats the purpose of buying I think. I'll keep you posted on the appraisal this week. we also did get a 2,000 gift from my mom which will help with closing. thanks so much..

Flan Tan.

Thanks for the advise. I hope he doesn't hold us to the offer if it appraises at less, I guess we'll just have to back out then, because we don't have the extra cash. One thing possibly on our side is, we did offer to update the electric at our expense, which he would have to do otherwise. Also he is selling the house for his sister who went to a nursing home, so I'm assuming she needs this money as soon as possible. I'm going to start working on my letter today as well as the other conditions. thanks ..

Jody..

I have my fingers and toes crossed for you!.

In our case the seller wanted to sell this house really badly so he paid all our closing costs and some prepaids too...and when it appraised less then the asking price he went down cause he wanted to sell it so bad..

GOOD LUCK!..

Well, this is why it's important to have a.

Contingency.

In your offer. You can't just "back out" of an offer just because you don't have extra cash. You're leaving yourself wide open for a lawsuit by the seller if you do..

If for some reason this contract terminates (and you should hope it does, since paying right at or more than appraisal puts YOU at risk for negative equity) and both parties let each other off the hook, PLEASE, PLEASE get yourself a buyer's agent to design your next offer..

The basic contingencies any offer should have are:.

1. Appraisal. The house must appraise for what you offered (or more) or the deal is off and the seller cannot hold you responsible..

2. Financing. You will make all reasonable efforts to secure financing for the home but if you can't or the lender falls through, the seller cannot hold you responsible..

3. Home inspection. The home inspection must pass your litmus test re safety, equity and resale value. You have to choose how much of a fixer-upper you want to buy. If the home inspection doesn't pass _______ standards, the deal is off. My personal litmus test is that the home inspection must pass FHA standards..

4. American Home Shield (AHS) or some other home warranty. The seller must purchase a one year home warranty to cover electrical, flooring, plumbing, HVAC, etc... matters..

You can add other cosmetic/amenities contingencies depending on how desperate the seller is. A good buyer's agent can help you with these, as well. But the four I outlined above are there to protect your ASSets in case things go south...