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Old 12-29-2009, 09:01 AM
Location: Chicago
2,775 posts, read 3,620,612 times
Reputation: 2520


I'm not sure specifically in your situation. Generally the lender will ask for a credit supplement when the borrower doesn't have much traditional credit. For example, in the Chicago area, most utilities don't usually report. The broker might be trying to show that even though your wife's credit scores are low, things like rent and utilities are paid on time. I would call your loan officer or the processor and ask, that's part of their job to answer questions.
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Old 12-29-2009, 11:59 AM
Location: NH
557 posts, read 1,111,617 times
Reputation: 497
It's probably an update on your credit history. Nothing to worry about.

My fiance and I are closing on a house tomorrow -doing final walkthrough today.

having been down this road (not layoff, sorry to hear that!), I have to admit that one of the final barriers on the mortgage was proving employment.

I am telling you this because two (2) times did I have to prove employment in the approval and closing process. My fiance only had to prove her employment once, because I am more the primary souce of income.

Once upon applying for the loan, sent in with the application and other documents such as drivers license bank statements etc, and once getting the clear to close. They asked me or employment verification (which they called HR) and also asked to talk to a co-worker just 5 days ago!

Hopefully this helps some. In our case, we have found that buying a house (as first time home buyers, anyhow) is extremely challenging in this market.

Best of luck to you.
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Old 12-29-2009, 12:06 PM
Location: NH
557 posts, read 1,111,617 times
Reputation: 497
OK if your wife is not on the loan , you may want to back out of this.

She SHOULd probably be on the loan. Her score will negatively impact the interest rate but will also add some buying power.

In this case, since you are the only one applying, I cannot see underwriting not requiring proof of employment as a final step in clear to close.
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