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Another loe question 401k

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UpmyscoreinFL
Frequent Contributor

Another loe question 401k

I think I am about done with underwriting. The .last thing they have asked for is a loe for m6 401k loans. I took one out a few years ago and the most recent for the down payment for the house. Ok so I can explain the most recent. The first loan I took out today off debt and collections. Do I put this in the loe or should I try to come up with a better explanation. Do you think they will approve me after this?
Equifax my fico 629
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Experian fako 663
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JM-AM
Valued Contributor

Re: Another loe question 401k

Always found out honesty is always the best policy, even when we feel it can cause an issue.

 

I have had several clients, with the same issues, and have never really run into any situation to make it a deal breaker. I did have one that I remember had to rewrite the LOE cause the UW didnt like what it said, but was rewritten and approved.

Good Luck
May all your dreams and wishes become a reality!
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