I'm stumped. I'm not so sure what is the answer to your question. I'll do some research and get back to you if I bump into an decent answer. You should email the people at Lending Tree as they probably can answer it..

How does belonging to a union help or hurt a person trying to get a mortgage?.

Hawg Hanner..

The reason they are concerned about debt to income ratios is the old what if question. Would you be able to have paid your bills on time if your husband was out of work for 60 or 90 days? Do you have any savings? I've been a lender and I've seen what happens when people take on a ton of debt and no savings and then, some sort of disaster strikes...

Good point about the debt ratio..

I guess the reason they wanted to clarify he was in an electrical union was it is normal to change companies, but the benefits, pay scale, etc, always stay the same. For example, my father in law is a journeyman elcectrician, he has changed companies 6 times this year. When jobs are finished you sign the books and another company hires you. No interviews or probationary periods, you just start the next day. So I guess it sounds more secure, even if you have changed companies. make sense?..

Why don't you go down and re-apply and have the employer listed correctly on the 1003 (Credit Application) I have dealt with clients that have had 7 or 8 W-2's for a years work, but I list it as one employer "THe Union-with the union's address.".

Since you are already approved that should not take more than 72 hours to re-approve. Tell the Lending Tree loan officer that if he can not do it, then talk with his boss. (it sounds like he is not experienced), and have them fix it..

Or try a Lending Tree mortgage broker. There are lenders that can get you done in 2 weeks if you have all the paperwork and the appraisal already..

Charles Clark.

..

Charles,.

I can't help but comment on your post. It seems to be poor taste to refer to Lending Tree loan officers that don't 'bend the truth' as "not experienced". Apparantly you haven't dealt with rd before. They pick at everything before any guaranty is issued. In case you or anyone else are curious how this works:.

1. broker assembles 2 separate, identical submissions - one set of originals and one set of copies.

2. package is sent to lender (most always chase).

3. lender underwrites submission according to rd guidelines.

4. one submission clears lender underwriting the set of original docs is forwarded to your regional rd office..

5. package is reunderwritten. rd can still reject the submission even though the lender has approved it. rd will also review property and request any repairs/upgrades that are needed to bring the property up to rd standards..

6. once rd clears property and submission a guaranty is issued to the broker who then forwards it to the lender..

7. if all other conditions are met the Lending Tree loan should close within the next day or so.

This process is somewhat different if the applicant has a mid-score >660. Chase has a special program called 'Rural Express' that allows a faxed copy of the 1003, a tri-merged credit report and a few other docs to be submitted to underwriting to get a credit only approval within 24-48 hours..

With Rural Express, everything is the same after the the credit only approval. After a suitable appraisal and full package is submitted the process continues as it would with a borrower with a sub 660 score..

There is no way anyone could get anything through a lender and rd and still close within 2 weeks (at least not at the pace the local rd office works here)..

Make sure your the home you are purchasing is up to rd guidelines. That will save you more time than anything. Simple things like guttering, roof condition, handrails, and adequate insulation are all things that will be reviewed by rd. I am actually working on an rhs Lending Tree loan right now that has been set back approximately a week due to the property not having handrails on the front and back steps and having a rusted tin roof over the front a back steps. my rd guaranty has adequate handrails listed as a condition..

Rd can be very frustrating to work with. However, thier Lending Tree loan program cannot be beat. Where else are you going to find 100% funding, including closing costs, on rural property at conforming rates?..

Hi,.

Sorry for my ignorance..

What does rd stand for exactly?.

Rural development?.

Any urls to check that out?.

Thanks..

Odoyle.

Excellant post. That is why when someone here asks me a question concerning Rural Development Loans, I recommend they ask you. BTW, please email me, I would like to learn more about RDA and their Lending Tree loan programs..

Fla-tan..