Got a email from my LO on last week saying the UW wants to know who accounts belonged to who. I supplied the information and within 30 mins I was notified the loan couldn't be approved with my husband name on it. He has a Chapter 7 BK that discharged in 2009. The problem is he had a new collection added to his CR in 2010. The LO asked if I wanted to proceed without my husband and I said of course. Signed all new documents on 1/29
Thanks Moving Forward
I find it odd too....it really sadden us that they just completely said no. He's scores are over 680. He doesn't make as nearly as much as I do, but that still no reason to drop him like a bad habit. They say he's a risk factor. He filed before we got married and his BK included a foreclosure. I am just praying they approve me for this loan. They still need my Jan bank statement, but want be available until Tuesday.
Thank you so much....I have been following your story and its inspiring. I know your landlord has been a major problem for you and I pray your get cleared to close on Tuesday.
For what it's worth, my wife's bankruptcy was discharged in March 2010, and her credit report shows a late car payment in October 2010. We've located our bank statements and have confirmed that it is indeed a mistake, as she didn't pay late, but we went through the pre-approval process with 2 different lenders, one of which was a builder's lender (and they're incredibly strict), and nobody said a word about the late payment. Our FHA pre-approval letter came with the standard "DTI can't be above 31/43", "proof from landlord that current rental lease will end as of last day of closing month" and that my wife's credit score get to 640. We are going to get the late removed, or at least state our case, but nobody has said a word about it.