All Forum Posts by: Andrew Korcek

I was just checking for the same question in the same area (D'ibervielle). Is it normal to have to get 3 separate quotes for home, wind/hail, and flood that area? I was stationed in Gulfport and we just left so now we are renting out our house. We had state farm, but they said they can't do landlord policies so I inquired with USAA and I had to get three quotes for for three policies through their partners to get full coverage. They would do the home, but I had to get a subsidiary of theirs for wind and hail, and another one for flood insurance. 

Is that normal?

Thank you Richard, I will stick to the minimums!

Thank you all!

That goes along with what I was thinking too, and it's not just the eviction, also bad credit (low 500s) "because of car wreck in November", or divorce, or they got covid.

The one who was given the notice of eviction, but I don't think actually evicted, has credit score of 625 he said, his wife's is 400 and their roommates is 530 or 570. So none of them over 650, I am nervous renting to them as well.

I haven't done any background checks yet. Usually I  ask screening questions, then decide if I'm going to show or send an application, based off if they meet the minimum qualification standards. Income of 3x rent, credit score of 650, none smoking.

Hello BP friends,

I have had a lot of people interested in my house for rent, that were evicted during covid. One of them said they were only given a notice of eviction. Everyone says they lost their jobs and couldn't pay rent.

How legitimate is this? Wasn't there lots of programs in place during that time to help with rent?

Would you rent to someone was evicted during covid, or given notice of eviction?

Thank you!

Andrew

Has anyone ran into the problem when assuming a VA loan where the mortgage company says you don't qualify because you are separating from the military even though you have a job lined up with a signed contract? I'm already pre-approved with another lender with no problems, but Rocket mortgage holds the VA loan. They said I need two years of history working there since it's based on production, even though I have a daily guarantee that should be enough to qualify me; I'm a general dentist with 8 years of experience, I'm going to make enough money. I'm going to call the VA directly in the morning but trying to get ahead of the problem, and I'm not sure if the seller will be willing to do it Subto or not.

Thanks!

After talking again with the loan originator she said, she did not include my 2020 tax returns the first time to offset my DTI, but she would try she just needed me to send the return, which I replied and told her that I had already sent in the same email with the leases March 2nd, but I would upload it to the portal as well.

She emailed me today and said I am fully approved with underwriting now that they reviewed the 2020 taxes and the 2021 tax extension file. Now however the rate is 4.125 instead of the allegedly locked rate of 3.125 that we had locked March 11. So using the VA loan if I put 10% down it's $139/month more month then what it should have been. And we were only going to put 5% down which would have still $70 less a month than what she is saying we are approved for now.

So I get that if there is something that disqualifies you a lender can back out, but since I clearly qualify (underwriting fully approved me today) how is that legal? It's bait and switch. Obviously the loan originator made a mistake and is trying to cover it up. How can I make them honor the rate that we were locked in at month ago?

Thanks for getting back to me Marshall I appreciate it!

We bought our first house one 2017 and lived in it until we PCS'd then we started renting it out in October 2020. Our second house we bought in April 2020 and started renting it in May. So we claimed both of those on our 2020 taxes. The third property is a duplex we bought last September, by refinancing out of the VA on the first property and using the equity to buy the duplex. One side of the duplex was rented out and the tenant stayed, the other side rented out in October. All 3 properties are claimed on out 2021 taxes, but our accountant hasn't filed them yet. I called him yesterday and he said he could finish next week. I told all this in the application and gave them all the leases too.

And sorry if I was confusing on the loan officer part. All 3 previous properties are in NV where I was stationed, and I used the same loan officer, she is the one saying there is no way I don't qualify. The new property is in Mississippi where were are PCSing to in June. So now I'm am using a new loan officer because the old one isn't licensed in Ms. But I called her to see if she had heard of anyone backing out of a locked mortgage after you had been locked for over 30 days and are closing in 3 weeks. 

So maybe it won't be a problem if we get 2021 filed ASAP?

On Thursday I called the person that emailed on Monday, that had said I was conditionally approved just pending a few more documents (one of which was for a credit card that I don't have). She didn't have any Idea of what the loan officer (who called me on Wednesday with the bad news) was talking about, so she said she would review what I uploaded and talk to the loan officer and call em back. Yesterday neither one was answering my calls.

The fact that one of the documents they were asking for is a credit card that I don't have makes me think they are getting my file and someone else's confused, but I don't know. And the fact that they are still going to give me the 4K closing credit if I go with another lender, feels like a pay off to hide a mistake. The 4K was initially just for going with the builders preferred lender. We were locked in at 3.125, so I also don't know if they are just looking for any reason to back out now that rates have gone up.

We locked in a rate with the the builders preferred lender to get the seller credit, and they met the best rate I could get from another lender. March 11 they said we were locked, Monday (4/11) I got an email from another person in the lending team saying yesterday underwriting had conditionally approved the loan they just wanted a few more documents. Then yesterday (4/13) the loan officer called me and said the investor who had accepted the loan was backing out due to my DTI. All of my debt is on our 3 rental properties, that are all cashing flowing, and they had all the info back before the lock. We are supposed to close May 6. I am active duty military and this is going to be our primary home when we move, so we are using a VA loan.

I'm not sure what to do, or even if there is anything I can do. All my previous 4 mortgages have been through the same loan officer, so I called her because she knows my financial pretty well and we closed with her on our duplex in August so not that long ago. She said there is no way I don't qualify, and that they have to be making a mistake, or they didn't lock the loan and don't want to admit they made a mistake.

Any advice is appreciated.

Thank you!

@Dan Wolf

Hi Dan, yes I used naborly for the background check and they paid $25.00 for it. It wasn’t as detailed as rent prep, but I think they’ll be good tenants. Then he paid through PayPal and they charged me a $90.00 fee so I called PayPal and PayPal said if I refunded the money they would get the full amount back and then they could pay me through “friends and family” for the deposit to hold. He tried to do that but said he could only do $500.00 at a time that way and it was charging him a fee for each transaction my deposit to hold is the security deposit $2000.00) So i sent him an invitation through cozy and he paid the deposit that way.

Sorry for the slow response I should have checked earlier

Hello,

I have an applicant who is apply to rent my house in Nevada that is moving down from Canada. I have used rentprep.com in the past for all my background checks, but they said they cannot process anyone outside of the U.S. What are people using to process potential tenants coming from Canada or other countries?

Thanks for your help!

Andrew