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Horrible!!!!!!!!!!!!!! they lead you on make you jump through hoops ,tell you its all good goes to underwriting keeps saying all good ,makes you get house inspection still all good then goes to an overlay underwriter and boom!!! declined just like that. If they are going to decline you they should do it from the beginning and not lead you on until the end.After all that I went to a recommended mortgage company and we closed in three weeks DO NOT USE THEM FOR YOUR MORTGAGE
If you have income from investment properties, don't waste your time with a mortgage at HVFCU.
There are a normal of components that make up mortgage decisions with every bank. Your credit rating, gross income, debit/income ratio etc are all important.
There are a number of reasons people invest in real estate; Cash flow, appreciation and the tax benefits.
A HVFCU mortgage requires that you produce, among other things, proof of your gross income and a copy of your taxes. That was expected. What was not expected is in relation to investment property income. You would think, like providing your gross income, HVFCU would be happy to include gross rental income. Proof is provided with valid leases and the income is claimed on your tax returns. That is not the case.
Rather than include the verifiable gross rental income, HVFCU only includes what is left on your tax form after you properly use all legal means to reduce your taxes owed. (Schedule K) Hmm.. one of the main reasons to have rental property are the tax benefits.
Imagine if they applied this to your gross income? How many mortgages would they be able to lend if they only excepted the final amount of income that your accountant files with the IRS after taking all your exemptions.
I am amazed that people that work with mortgages every day are so clueless.
BTW- I went to a competitor bank and was quickly approved. High income, high credit rating, low debt to income ratio (when rental income was included)
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