Open Mortgage LLC Mortgage Complaint

Open Mortgage LLC Mortgage department,

Other mortgage Credit decision / Underwriting Georgia

After not qualifying for a VA loan due to debt-to-income ( which was odd ). Our lender ( - at Open Mortgage ) asked the Underwriter ( - - ) if we could repackage as a USDA loan and the underwriter said to do so : '' Good Morning -As per my previous email yes you can go USDA - you will need to get usda docs and resubmit file with everything as USDA and I will re underwrite for you. Thanks. To move forward with the house, - repackaged us USDA - we received desktop approval. The seller requested an additional $500.00 in earnest money ( in total $1000.00 ). In addition to going with an USDA loan, I had to agree to give the seller the earnest money ( $1000.00 ), even if the loan was not approved. After paying for the USDA appraisal ( $450.00 ), the appraisal came back great. The UW approved our loan. Next, the file was submitted USDA. The USDA reviewer denied us, because my student loans were not fixed payments through the term of


: Monthly payment amounts listed on the credit report, which are less thanone percent of the outstanding balance may be used when evidence from the loanservicer is obtained indicating ; 1 ) the applicant is on a fixed repayment plan notsubject to change under the terms of the current agreement and - ) and the monthlypayment amount due. Fixed payments have a monthly amount that is not subject tochange through the fixed repayment time frame. Income Based Repayment ( IBR ) plans, graduated plans, adjustable rates, interest only and deferred plans are examplesof repayment plans that are subject to change and do not qualify for the exception. No additional documentation is required if a credit report is obtained and the lendercan confirm the payment represented is a fixed payment as noted in this paragraph. The above stipulation applies to VA and USDA loans ; therefore, if we can not qualify VA due to not have fixed student loan payments, then WHY did the - say to repackage me as USDA. We lost $1400.00 due to her negligence. Even the USDA reviewer - - - ( Georgia - - - at USDA, - - ) stated the UW - - - was grossly negligent on our file. She is required to know the stipulations to inform the lender what was wrong with the file.