Hi ShanetheMortgageMan!
So, I was pre-approved for a loan and right in the middle of buying the house, my credit score dropped 25 points. I had a middle score of 643 when I was pre-approved for FHA. Now the underwriter has sent me a list of conditions to fill before they can process the loan. So, I am nervous and have lots of questions.
- Will they pull my credit again before they approve the loan? I know they have made some sort of credit check because they asked me to explain why I had an inquiry on my file recently (I was shopping for a different mortgage company to compare prices and that is when I found out about my score dropping). I told them the truth but I am nervous that they will check my score again.
2. They asked for letters explaining why my husband was not on the loan: Simple, he already owns a different property in another state and we wanted to qualify for FHA. Also credit score is really not good (but I didn’t tell them that).
3. They asked if we filed our taxes for 2013. Yes, we did and although both my husband and I are salaried employees at major corporations, we have each a side business that we claimed for loss. We have filed married, filing separtely to rake the most money back from our taxes. At this point, I am peeing in my pants because I am scared that they will request a transcript and deny the loan for that.
Please give me any insight as to what to expect. I am afraid my chances are close to none at this point!
