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Js5
New Member
Posts: 10
Registered: ‎04-29-2017
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Re: Automated Approvals & Manually Underwritten Loans....... What is the difference?

Can you tell me whether unreimbursed business write off will affect my home buying chances
Super Contributor
Posts: 7,915
Registered: ‎07-03-2007
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Re: Automated Approvals & Manually Underwritten Loans....... What is the difference?

you should start a new thread for that.

but yes.

can you tell us more?

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

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Super Contributor
Posts: 7,915
Registered: ‎07-03-2007
0

Re: Automated Approvals & Manually Underwritten Loans....... What is the difference?

you should start a new thread for that.

but yes.

can you tell us more details in the new thread?

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

New Visitor
Posts: 1
Registered: ‎05-24-2017
0

Re: Automated Approvals & Manually Underwritten Loans....... What is the difference?

Hello, not sure if this is the right spot, but need a conventional loan expert about DU/LP approvals.  

 

According to MyFico's mortgage model, I have a mid 703 fico score.  I have a couple of issues though.  First, my credit utlization was 37% (4500 on 12000), I have now paid them off but they will not report until June 6th.  Second, I had a bankruptcy in Dec of 2013, discharged in April 2014 due to cancer and mortgage loan crisis.  There was a forclosure, but it is showing up on only one credit bureau and it is inaccurate.  I am trying to get it disputed and resolved.  Regardless, even with the foreclosure issue in dispute, with the credit cards paid off, my score should go up 10-20 points which I know can make a difference.  

 

Problem I have is that I am starting a new job 800 miles away in 2 weeks, and school starts for the kids Aug 1.  So I don't have much time to buy a home.  If I let the lender pull my credit now and he also does a DU/LP approval and it does not come back satisfactory, what are my options?  If everything is fixed in the next two weeks on the credit report, can a new DU/LP approval be run?  What happens if I go to another lender who does a DU/LP approval in a few weeks, would they use the old approval or would they get a new one based on the new credit report?

 

Thank you for your time and help.  

 

P.S. I can't go FHA because of student loan debt.

Established Contributor
Posts: 510
Registered: ‎01-15-2017
0

Re: Automated Approvals & Manually Underwritten Loans....... What is the difference?

The foreclosure is going to kill you.  I think but can't recall with FHA its atleat 2 years and possibly longer. Conv I know it not shorter.  Even if your over the their foreclosure minimum they still will see it.  Work on removal  and if that does not work better have some explaining to do. 

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