Charge Off's

[BCullum]

My LO reviewed my file, asked for papers he would think they would need for UW in preparation to send my file. He didn't just send the minimum and hope for the best, he knew what to expect and red flags in my file that would need to be explained. Have you thought about using a different lender? 

[JM-AM]

There really is no way to say 100% for sure.

The scores are low, charge offs are high, depending on anything else in their file for qualifications DTI and income as examples, and usually takes lots of negotiating. Several different things could happen from the UW for conditions to approve the loan, and possibly just issue a denial.

[FLAJenn]

If you don't mind sharing, what company are you using?

[raisinitup]

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@FLAJenn wrote:

If you don't mind sharing, what company are you using?

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Integrity Home loans out of FL. Our DTI is very low, no baddies for the past 3 years, no collections - just rehabbed my student loans. Literally 2 charge offs are the only things on our credit file (negatives) with a couple of good cc's showing positive. 

[JM-AM]

The reality of it is just this.

Only real way to know is to apply. The worse that can happen is it is denied and you have a ding for INQ. You then know what you have to do to fix the situation, and reapply later down the road.

Personally since the charge off's are 5 years old or older, and past SOL, you have a fair chance for them to just ask for a LOE. In this type of explanation if you are asked, the UW wants a quick explanation as usual, but also wants you to give a quick explanation on how you have put yourself in a much better situation today so as not to let this happen again.

[BCullum]

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JM-AM wrote:

The reality of it is just this.

Only real way to know is to apply. The worse that can happen is it is denied and you have a ding for INQ. You then know what you have to do to fix the situation, and reapply later down the road.

Personally since the charge off's are 5 years old or older, and past SOL, you have a fair chance for them to just ask for a LOE. In this type of explanation if you are asked, the UW wants a quick explanation as usual, but also wants you to give a quick explanation on how you have put yourself in a much better situation today so as not to let this happen again.

^there you have it

[raisinitup]

Ok then. I guess you're right. Nothing beats a fail but a try....