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Got prequal'd, now onto UW

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Anonymous
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Got prequal'd, now onto UW

Today we sat down with the LO. We brought in 2011 and 2010 W2s, paystubs, receipts for everything that we've paid off (for RR), she pulled our credit report etc. They do FHA for 580 and up. My mid-score is 587 and will hopefully improve with the pay down in util. I had 2 collections that have been paid off and I spoke with a rep at 1 of the CAs who said he was going to try to get it removed from our CR today.

 

The problem that we're having is minimal credit. I only have 1 small credit card. So, she's going to use nontraditional credit.

 

She gave us a prequalification letter after reviewing all of our information. I told her I'd have more peace of mind if we did an actual preappvoal. She gave me a list of further documentation to get to her, including LOE for 2 lates in 2010, statements for my 401k, etc.

 

This seemed much more formal than the typical over the phone prequal that I hear of. In this case she actually verified our income/credit report and all of that. So, my question is this: Is it safe for me to be hopeful? I know our CS are on the ower end, but this woman has 30 years of experience and says that she works wtih people all the time who have worse credit than we do. I want to believe her...but I can't help but to be skeptical.

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Anonymous
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Re: Got prequal'd, now onto UW

Adding another thought that just came to me:

 

For 2 of the non traditional credit references that we're using (utility bill & cellphone bill) I've made payments on time, but for 1 month with each company, I made payments less than the balance by mistake. It was on accident and I didn't realize it until the next bill came, at which point I paid it all in full. For one, the bill was $150 and I only paid $100 and for the other it was only like a $20 difference. Is this going to destroy my chances?

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