So this is kind of a repeat of the question I already asked, but here's the deal. A week ago I was told by a broker that the system had said we were approved/eligible for a $110,000 FHA loan with 3.5% down and the seller paying $3500 in closing costs. The next day the same broker said his underwriter had said no to the loan because of a 30 day late credit card payment that happened 8 months ago.
We spoke with a LO from our bank on Sunday, and he punched in our income and everything and worked with the interest rate to get us to a good DTI, so he said he should be able to work with us there. He said if the other broker had gotten an approved/eligible, that should be the case for him too and that meant that the 30 day late wouldn't matter. He said if the machine didn't ignore the 30 day late, then we couldn't get the loan until the late was 12 months old. He spoke with his underwriter who agreed that yes, if AU approved us, the 30 day late wouldn't matter.
He still hasn't run our application because there was a question about FHA approving the house. However, that's no longer an issue, so he's going to let us know tomorrow about our application. I feel like we should be okay based on what he said, but I wondered if there was any way that the broker from last week could have put in our info incorrectly and somehow gotten AU to ignore the 30 day late. I asked the LO this and he said no, that the information was just taken straight from the credit report and input straight into the system and that it wasn't a manual entry or whatever. But I'm just paranoid that we're going to find out that the system is not approving us, even though we were told it did last week.
Thanks for any opinions. I'm anxiously awaiting the phone call from my lender tomorrow to find out if we're good to go, and I'm trying to prepare myself as much as possible to hear a no.
