Underwriter keeps finding issues day of closing

[Grant Cox]

I've been under contract on my property since June 25th, and underwriting received all of their info on July 1st. They then wait until July 23rd to tell me that they want me to be employed in my field for a year before final approval, closing was supposed to be the 26th, thankfully the seller accepted a continuance until August 19 as I would pass the 1 year mark on the 14th. The 16th everything is good. On the 19th now the credit bureaus didn't all show up and we were forced to push it back another day because the scores didn't show until after my original  closing time. Now today on the 20th at 130pm with a close tike of 3 pm, the underwriter decides that they don't like that because I'm so young and so fat have only been an authorized user on a credit card (having been renting and paying for utilities for a year though) and haven't been making the payments, that now I would need to have a cosigner (which doesn't really work since everyone I know have too many write offs) so now I'm in limbo while I wait to see if there's any other solutions. Does anyone have any advice for this? And how I could possibly not lose out on this deal this late into it? What makes it worse is that im supposed to be out of my current living situation on the 29th

[Randall Alan]

Quote from @Grant Cox:

I've been under contract on my property since June 25th, and underwriting received all of their info on July 1st. They then wait until July 23rd to tell me that they want me to be employed in my field for a year before final approval, closing was supposed to be the 26th, thankfully the seller accepted a continuance until August 19 as I would pass the 1 year mark on the 14th. The 16th everything is good. On the 19th now the credit bureaus didn't all show up and we were forced to push it back another day because the scores didn't show until after my original  closing time. Now today on the 20th at 130pm with a close tike of 3 pm, the underwriter decides that they don't like that because I'm so young and so fat have only been an authorized user on a credit card (having been renting and paying for utilities for a year though) and haven't been making the payments, that now I would need to have a cosigner (which doesn't really work since everyone I know have too many write offs) so now I'm in limbo while I wait to see if there's any other solutions. Does anyone have any advice for this? And how I could possibly not lose out on this deal this late into it? What makes it worse is that im supposed to be out of my current living situation on the 29th

 @Grant Cox

Usually underwriters present all their 'objections' in one go.  It starts getting a little suspicious when they keep moving the goal post time after time.  I was selling a property where this happened for my buyer.  It turned out the whole thing was a bit of a scam - the "lender" took a huge up front fee ($4,000) to do the deal - so it turned out they weren't really the lender... they were acting more like a broker...while it wasn't said this way, it appeared to be "after you pay us $4,000, we'll try to go and find you a loan."  The problem was that the borrower wasn't that qualified, so the broker really didn't have any good options to offer, so they just kept throwing up roadblocks in front of the seller until they finally through one up they couldn't meet (Like wanting 25% down, when that was never a condition up front.)  So my 'spidey senses' start to tingle when you tell us these things and it makes me want to question the validity of the lender.  

We've closed over 25 loans on buying our properties and 'conditions to close' were always laid out up front... in essence, "These are the things we need to be cleared to close."  It was never... Here's one thing we need to close... then here's another now that you cleared that hurdle.

Are you dealing with a major lender, or is this a private lender, or what?  

The other thing about legitimate lenders is that they are usually trying to 'check a box' on a due diligence form.  Typically, if one condition can't be met "The usual way"... there is another way to meet it.  Like if they are complaining about the recency of a credit card, you can sometimes present other documents showing maybe utility bills being paid on time, or something like that.  (The fat joke was funny... at least hoping it was a joke!)

It might be worth asking, "What Fannie Mae condition are you trying to meet with the request you are making of me?"... and you can follow that up with , "Is there another way to meet that condition?" 

 You can go and look up all the Fannie Mae guidelines online on their website:

https://selling-guide.fanniemae.com/sel/b/origination-throug...

The link above is the "origination through closing guidelines"

Hope it helps!  Hope they are legit!

Randy