Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My fiance and I are in the process of trying to get an FHA loan, but I am fairly certain we will be denied.
My credit score came out just under 620 (619 to be exact) at the time I applied (I know it is higher now), and my fiance's was about 635.
I have less than a year at my current employer and before that I worked here and there because I was at the university and didn't feel comfortable working full-time.
I am still going to school now but I switched to online courses and so I am able to work full-time so I have been doing that since September 2016 with one month break in January, (I worked a temp job from Sept to January 1st and so it took me a month to find another one).
My credit is relatively new since I got my first credit card June of 2016, and I now have a total of 4, with a total of about 2,100 limit.
My utilization is a bit on the higher side but I am getting that down, (it currently reads at 56% utilization on Credit Karma but I know it's much lower than that since it hasn't yet registered a 478 dollar payment).
All my payments have been on time. I don't have any loans, deliquencies, etc. I just have the 4 credit cards.
When I met with my lender the only thing he told me to write a Letter of Explanation for would be why I moved around so much. Since I guess one criteria is to live in the same place for 2 years. I moved multiple times in the past 2 years (about 3 times I think, all around the same town). Once because I lived on campus, once because I moved off campus, and this last time I moved to a bigger rental because my fiance now lives with me.
I went ahead and wrote explanations for a few things because I felt that I needed to. To explain my work history, some random deposits on my account and why I moved so much.
Given all this information, do you think it would be a good idea for me to have my parents be non-occupying co-borrowers/co-signers?
They have excellent credit, work history, and income. I just want to know if it would help our chances.
Right now I think we are in the pre-approval process. We did the basic application online, then we went in to the office to check the status of the application and sit down face to face with a lender. He was really helpful and broke stuff down for us. When he looked over our things he said he was very positive that we would be pre-approved but he couldn't quite say that yet for understandable reasons. He sent us off to get our documents together (w-2s, tax returns etc) and submit it for processing.
We dropped that off I believe about two weeks ago now. I just sent an e-mail today and I was told that they have not yet reviewed it but will be soon and should get back to me very quickly. Then they'll touch base with me and see where we're at.
I guess I'm pretty nervous it's going to blow up in my face.
Thank you for taking the time to read this and any help you can provide.
My fiance and I are in the process of trying to get an FHA loan, but I am fairly certain we will be denied.
My credit score came out just under 620 (619 to be exact) at the time I applied (I know it is higher now), and my fiance's was about 635. You're fine.
I have less than a year at my current employer and before that I worked here and there because I was at the university and didn't feel comfortable working full-time. If you are full time, you can use whatever hours/income is guaranteed.
I am still going to school now but I switched to online courses and so I am able to work full-time so I have been doing that since September 2016 with one month break in January, (I worked a temp job from Sept to January 1st and so it took me a month to find another one). Ok
My credit is relatively new since I got my first credit card June of 2016, and I now have a total of 4, with a total of about 2,100 limit.This is fine.
My utilization is a bit on the higher side but I am getting that down, (it currently reads at 56% utilization on Credit Karma but I know it's much lower than that since it hasn't yet registered a 478 dollar payment).
All my payments have been on time. I don't have any loans, deliquencies, etc. I just have the 4 credit cards.
When I met with my lender the only thing he told me to write a Letter of Explanation for would be why I moved around so much. Since I guess one criteria is to live in the same place for 2 years. I moved multiple times in the past 2 years (about 3 times I think, all around the same town). Once because I lived on campus, once because I moved off campus, and this last time I moved to a bigger rental because my fiance now lives with me. It is uncommon for a lender to request a note like this. I don't think other lenders would have asked for that.
I went ahead and wrote explanations for a few things because I felt that I needed to. To explain my work history, some random deposits on my account and why I moved so much.
Given all this information, do you think it w ould be a good idea for me to have my parents be non-occupying co-borrowers/co-signers? Not until an underwriter declines the file due to INCOME.
They have excellent credit, work history, and income. I just want to know if it would help our chances.
Right now I think we are in the pre-approval process. We did the basic application online, then we went in to the office to check the status of the application and sit down face to face with a lender. He was really helpful and broke stuff down for us. When he looked over our things he said he was very positive that we would be pre-approved but he couldn't quite say that yet for understandable reasons. He sent us off to get our documents together (w-2s, tax returns etc) and submit it for processing.
We dropped that off I believe about two weeks ago now. That is ridiculous, it should have been the same day you delivered Financials. I just sent an e-mail today and I was told that they have not yet reviewed it but will be soon and should get back to me very quickly. Then they'll touch base with me and see where we're at. Leave this lender.
I guess I'm pretty nervous it's going to blow up in my face.
Thank you for taking the time to read this and any help you can provide.
Thank you SO much for your advice. Ugh. You already made me feel a thousand times better.
One thing I will mention, he was out of town (and still is) when we dropped it off. He comes back to the office tomorrow. So that's why I didn't get in touch with him sooner (or I got in touch with an associate of his, rather).
Should I still find another?
Also, I want the paperwork I submitted to him back. I asked if we could get it back. It's just difficult for us to get some of those documents again. Not impossible but will take a lot of time (I have to have things mailed from Illinois, my old hometown). Is it common to get these documents back?
Thank you again. I'd hug you if I could.
Do you have any recommendations on where we could go? We went to my fiance's local credit union for this. Should I ask my realtor?
Thank you SO much for your advice. Ugh. You already made me feel a thousand times better.
One thing I will mention, he was out of town (and still is) when we dropped it off. He comes back to the office tomorrow. So that's why I didn't get in touch with him sooner (or I got in touch with an associate of his, rather).
Should I still find another?
Also, I want the paperwork I submitted to him back. I asked if we could get it back. It's just difficult for us to get some of those documents again. Not impossible but will take a lot of time (I have to have things mailed from Illinois, my old hometown). Is it common to get these documents back?
Thank you again. I'd hug you if I could.
Do you have any recommendations on where we could go? We went to my fiance's local credit union for this. Should I ask my realtor?
Get your paperwork back, then in the future make them scan it, and keep the originals.
I think the Credit Union and Realtor advice are both excellent ideas. You need face-to-face lending.
Lenders are not supposed to even take your original documents. You should have made copies or had the loan officer make copies for the file. Insist on getting them back and I agree with the other person who said your lender sucks. Find another one. Do you have a bank of your own? Where you have a checking account? That's where I would start if you plan to go retail. If not, find a good mortgage broker who will shop your loan to different lenders if need be.
Lenders are not supposed to even take your original documents. You should have made copies or had the loan officer make copies for the file. Insist on getting them back and I agree with the other person who said your lender sucks. Find another one. Do you have a bank of your own? Where you have a checking account? That's where I would start if you plan to go retail. If not, find a good mortgage broker who will shop your loan to different lenders if need be.
I e-mailed them and they said we can get them back. They made copies of them and are giving us the originals back (although some of those are copies anyway). We could have got the documents again as I think they were all copies, it just would have been a pain in the whazoo.
So yesterday I put in an application at a bank of commerce. It was rated really well for mortgage lenders in the area, specifically several of the lenders working there were rated well. There are a few other places here that have good ratings as well and we will be looking into applying there.
My bank is US Bank. I went to them the same day we went to the first Credit Union, there was no one there to talk to about mortgages so they told me this guy would give us a call. He never did. So I just didn't want to bother with them, plus I heard it wasn't good to deal with huge banks.
I think the next place we'll be looking to put an application in is with a mortgage broker. It just kind of sounds a little scary (I know, it's stupid), and I don't know any good ones in the area.
Guess I'll do some investigatin' (puts on Sherlock cap).
I e-mailed them and they said we can get them back. They made copies of them and are giving us the originals back (although some of those are copies anyway). We could have got the documents again as I think they were all copies, it just would have been a pain in the whazoo.
So yesterday I put in an application at a bank of commerce. It was rated really well for mortgage lenders in the area, specifically several of the lenders working there were rated well. There are a few other places here that have good ratings as well and we will be looking into applying there.
My bank is US Bank. I went to them the same day we went to the first Credit Union, there was no one there to talk to about mortgages so they told me this guy would give us a call. He never did. So I just didn't want to bother with them, plus I heard it wasn't good to deal with huge banks.
I think the next place we'll be looking to put an application in is with a mortgage broker. It just kind of sounds a little scary (I know, it's stupid), and I don't know any good ones in the area.
Guess I'll do some investigatin' (puts on Sherlock cap).
Genius move in red, seriously.
And be careful - don't apply at too many places or all of the information will start to blur.
And be careful - don't apply at too many places or all of the information will start to blur.
Thank you. How many do you think is enough? We have only applied to two places so far. The next one will be a mortgage broker most likely. If we even need to get to him/her.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
