Mortgage Grapevine

Provident conditions question

I have a borrower who is married and buying a house without her husband. He owns his own property sole and separate. The lender is asking her to include his property on her 1003 or the loan will not be approved. I have already shown she has no interest in his property and she does not want to add it to her application. It is not hers. Why would they ask her to lie?
by Tanner Boyle November 6, 2009 5:07 PM

because they're fucking morons with no education.

you're going to have to do it to get it closed. none of them have a brain capable of higher functions.

are you in texas?
by ind-mtg November 6, 2009 5:13 PM

Follow the exact instructions.

Put the property on the 1003 in REO. Make the value 0. Make her monthly payments 0. Do not include in the credit report or in the DTI

Good luck
by Dolan2000 November 6, 2009 5:34 PM

In what state is the subject property (the property for your loan) located? Is your loan FHA or VA or a conventional loan? Is there a lien on the spouse's own home? FHA & VA loans require non-borrowing spouse's debts to be counted against the borrower in community property states - Ariz, Calif, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin.
by A Thought November 6, 2009 9:49 PM

A Thought, Provident does not offer VA or FHA (yet).
by OHlo61 November 6, 2009 11:29 PM

You have an occupancy question here: if borrower is married, and spouse currently owns their own home, in which home is your borrower going to live?

I don't think that the underwriter is asking for anything that I would not be wondering about myself.
by McC November 8, 2009 8:48 PM

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