I will be quick to lay out my situation and am curious if there are any FHA Manual Underwriters that can do loans in Phoenix, AZ. I'm still working with my broker now but it's been several months and still no closing. I've refinanced FHA in the past with no issues and this time it almost feels like the banks are not approving these loans, even though they are advertising the historically low rates.
- I have had stable employment for 2 years coming up in August. With my existing employer my employment type did change from a 1099 to a W2 in April 2019.
- I have never missed a mortgage payment nor applying for COVID related deferments.
- My DTI isn't the best, but my income has actually increased since the last time I did an FHA refinance several years ago. My FICO is over 680.
- The purpose of the refinance is to merge my primary and secondary (HELOC) into a fixed low rate. I do not know what the max LTV ratios are but I'm pretty close to the max if it is 80%. However I can bring cash to close if required.
- Increase in income, stable employment, no missed payments on my mortgage EVER and Quicken denied my refinance and would not tell me why a week before closing. I told them I'm never doing business with them again. I tried working with Northstar, Interactive and now United Wholesale mortgage and it's been literally 3 months and still no closing.
Is there something going on with FHA refinances right now that I'm not aware of? United said they are working on a manual underwritten FHA refinance but I have gotten absolutely no feedback in a week and am beginning to think the deal may be dead. If I don't hear an update by the end of this week, I'm going to pull it and place it somewhere else, unless there is a reason why this can't be done that isn't being disclosed to me.
Am I missing something here? Do I just have the worst luck in the world or is there a bigger problem brewing?
How long does a manually written FHA refinance typically take? If you feel you can do a manual FHA refinance, please contact me. DO NOT WASTE MY TIME WITH CONVENTIONAL AS I TRIED SEVERAL TIMES AND IT WON'T GET APPROVED.