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i think i was approved, help please


bailey
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My wife and I were pre approved for an FHA loan. Our credit was pulled, we talked with the loan officer, he did the desktop underwriter thing and that went through fine. Now what i am afraid of is when it actually is reviewed by a real underwriter. We have little debt(student loan, 1 car payment) we make combined over 90,000 a year, her credit has no problems (792 score). Mine on the other hand has a repo from 6 years back that i have disputed and have had it removed off of one, it wasn't reported on one, but still remains on equifax. I have a few medical biils under 400 dollars. The repo was for 6000, but my credit score is in the mid 600's. I have sent in a dispute letter to the loan officer, but I'm still worried about being approved for the home loan (home loan is for 150,000). What do you think will happen? Thanks in advance!!!!!. The loan officer doesn't think there will be a problem, does anyone have any opinions on this, previous experience? THANKS!!!

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my buddy is in same position with his credit, he has good credit..wife does not. My loan officer told me they pull from all three bureau's...take the middle score from each set of reports and average the two of your's together and that's your combined score. If that's true everywhere and her credit is that high.......then you should do fine.

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The "desktop underwriting thing" is the automated approval that you need. You have the loan. The only problem that may come up will be with title/your documentation not supporting the facts that you gave the LO etc, but according to the lender, you have the loan.

Congratulations.

Stop worrying. Or at least about getting your loan.

Charles

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