Need a Home Loan ASAP

[Renwick6]

I need a loan for a home ASAP. I am a medical resident in OH. I got preapproved for an FHA loan. I made a deal on a house and it was accepted. Everything was okay until it went to the stupid underwriters who said since the student loan forebearance has to be renewed every year and they need forebearance from at least 12 months after closing they won't give me the loan. I sent them stuff from the studentloans.gov site saying the granting of forebearance is mandatory for the life of the loan

The house is $75,000. So physicianloans.com doesn't work as they won't do it for less than $100,000. Would like an FHA loan but apparently that didn't work. If anyone out there has underwriters that will do it or has another loan program with a FIXED rate and can get it approved FAST let me know. I can do $5000 downpayment or more.

I think executivephysician loans make you use their realtors and I already have the realtor, contract, etc. I just need the money.

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[ShoTyme]

I need a loan for a home ASAP. I am a medical resident in OH. I got preapproved for an FHA loan. I made a deal on a house and it was accepted. Everything was okay until it went to the stupid underwriters who said since the student loan forebearance has to be renewed every year and they need forebearance from at least 12 months after closing they won't give me the loan. I sent them stuff from the studentloans.gov site saying the granting of forebearance is mandatory for the life of the loan

The house is $75,000. So physicianloans.com doesn't work as they won't do it for less than $100,000. Would like an FHA loan but apparently that didn't work. If anyone out there has underwriters that will do it or has another loan program with a FIXED rate and can get it approved FAST let me know. I can do $5000 downpayment or more.

I think executivephysician loans make you use their realtors and I already have the realtor, contract, etc. I just need the money.

Sorry, but this is actually a pretty standard condition. I understand that FHA is extremely frustrating, especially post market collapse. They were sticklers before, and have only gotten worse. Did they decline your resubmition since you showed them proof that it is in forbearance for life? If so, have your loan officer escalate the situation. Restarting the loan at this point would also be another long and involved process. The only other real viable options would be a USDA loan if you are purchasing rural or conventional which requires more down.

 

[Renwick6]

Can you do USDA in nonrural areas? This house is in Cleveland.

 

[ShoTyme]

Can you do USDA in nonrural areas? This house is in Cleveland.

Naw... Sorry man. Unless it's like on the outskirts... then maybe. But if it's in the city, it won't work. I'm in Texas and have done them on homes in the newer suburbs where they just hadn't updated their maps from rural to nonrural yet...