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Old 08-20-2013, 01:49 PM
 
2 posts, read 2,476 times
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I was pre-approved by 2 different companies. Both loan offers say everything looks good and they ran my information through and it looks good _cant remember the system info was ran through. Anyways, I applied at Quickens Loan and could not get an approval because of a Chapter 13 BK that was on my credit report. Does this mean I may not be approved with either of the two lenders that pre-approved me during the underwriting process? I have a contract on a new build that is not scheduled to close until November 2013. Thanks
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Old 08-20-2013, 02:04 PM
 
Location: Austin
7,077 posts, read 16,889,211 times
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Each lender can use different criteria depending on whether or not they're going to sell the loan.

With that said, many lenders don't look closely at the credit report until it's in underwriting, so yes, it's a possibility that the other companies can't actually get it done either. You need to ask them.
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Old 08-20-2013, 02:22 PM
 
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I would insist that the file be sent through full underwriting asap. Sounds like it has just been through automated underwriting.
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Old 08-20-2013, 02:45 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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At least it was a 13......but not to panic you, some places have a no BK rule, period. Another, I know has no BK's in the past 10 years. But some loans allow a 13 as soon as one successful year in the program, along with Trustee permission. Ask that question specifically of each lender as to their exact policy.
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Old 08-21-2013, 10:28 AM
 
Location: Will County
179 posts, read 412,412 times
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tangorob: I can't imagine that at some point this question will not arise with the other Lenders too. Best to find that out now, so bring it to their attention ASAP. As others have pointed out, not all Lenders have the same criteria for approvals. But again, waiting or gambling with an Approval isn't wise. Time could be vitally important in solving this issue for you. Better to have that conversation now, than later. Best of luck ...
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Old 08-22-2013, 08:44 PM
 
2 posts, read 2,476 times
Reputation: 10
Thanks for the feedback. I also found out today the query from Quicken Loans lowered my credit score.. I read information that stated when shopping for a mortgage do so within 14 or 45 days...I performed 3 queries 7/23, 8/9 and 8/19. I received a notification from FICO.com that my scored had dropped 11 points. Obviously I am really concerned. I contacted Quicken Loans and suggested they remove it because I specifically told the agent if it is going to impact my credit...do not run it. He asked me my score and assured me it would not impact my score but, it did. Any suggestions would be helpful.
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