AccountnotMine Posted April 6, 2008 Report Share Posted April 6, 2008 Ok, well thanks to you guys and a lot of tedious work, i got approved for an FHA home loan at 5.75%. My wife and daughter especially thank you all.BUT!! After the approval and them locking in my interest rate after we picked the house, they are asking me for additional information such as 2006 w-2 form (i made about 25% less that year than 2007) a statement about the one negative unpaid item on my CR as well as proof if it has infact been paid (which it hasn't).... To make matters worse I got hit with three hard Inquires since they originally pulled my CR (which already had ALOT) and a new capital one card with a small CL.Why am I still having to jump through hoops? we are in contract and it feels like they can deny me for the reasons listed above or they wouldn't be asking for all this info... right? Will the new INQ and CC hurt me now? I was under the impression we were approved, WHAT THE HELL IS GOING ON????? Link to comment Share on other sites More sharing options...
willingtocope Posted April 7, 2008 Report Share Posted April 7, 2008 Borkers take your information and then go to the actual "underwriters" at the bank. They underwriters often ask for additional information...their job is to make sure all the i's are crossed and t's dotted. As long as you didn't outright lie to the broker (or loan officer), you'll probably still be okay. Hang in there, and give them what they ask for... Link to comment Share on other sites More sharing options...
TheRoadBack Posted April 7, 2008 Report Share Posted April 7, 2008 Borkers take your information and then go to the actual "underwriters" at the bank. They underwriters often ask for additional information...their job is to make sure all the i's are crossed and t's dotted. As long as you didn't outright lie to the broker (or loan officer), you'll probably still be okay. Hang in there, and give them what they ask for...I agree with willing. There are always stipulations that they ask for prior to closing on a mortgage. Good luck! Link to comment Share on other sites More sharing options...
LVMortgageMom Posted April 7, 2008 Report Share Posted April 7, 2008 Ok...breathe...it's not quite as bad as it seems. FHA loans are pretty documentation heavy. As long as your income has increased and not decreased then you should be ok. The underwriter may just want to see that you have been with the same employer/same line of work/ or had an increase in pay between then and now. If a new CR is pulled then you will simply have to write a letter indicating what the new inquiries are for and if any new credit was extended to you based on the inquiries reported. If so, the new payment will be included in your liabilities. For everyone reading this: DO NOT APPLY FOR NEW CREDIT UNTIL YOUR MORTGAGE HAS BEEN FUNDED AND YOU HAVE THE KEYS IN HAND. If your new cap 1 card is not reporting a minimum payment, the underwriter can use 10% of your CL as the min. payment. If that's a small limit, it may not hurt, but just imagine if it had been a 2k or 3k limit. The negative item listed on your CR could be your biggest hiccup. You have a few options; pay it and be done with it, tell the UW it was simply an oversight on your part. Try to dispute it and hope for a delete and tell the UW that it was reporting erroneously. Or you could try explaining to the UW why you believe you shouldn't have to pay it. If the latter works then great, if not you are back to the first two options. I think I touched on everything, hope that helps Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 11, 2008 Report Share Posted April 11, 2008 Just give them what they are asking for, also check with your broker. he or she may be able to offer specific insight as to why they are asking for certain items. good luck Link to comment Share on other sites More sharing options...
AccountnotMine Posted April 12, 2008 Author Report Share Posted April 12, 2008 thanks, i got them all the information, and they have remained silent and my broker seems to think everything is on track. I think accepting a pre-approved cap 1 offer and taking 3 hard hits in the process was about the dumbest thing I could have done. To help compensate I PIF all my revolving accounts, so my debt to income currently is 0%.This is the most stressfull thing I have ever done. We are moving in 1 week early and my biggest feer is getting all of our stuff there and then the bank pulling the rug from under our feat. Thanks for the tip... I guess i will start setting some $$ aside just incase they demand that account to be Paid in Full. Link to comment Share on other sites More sharing options...
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