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Established Contributor
Uppingmyscore
Posts: 514
Registered: ‎12-28-2012
0

Help easy my mind.....

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

 
Do you think I will get this loan approved?
Middle credit score: 689
Loan amount: 161,500 (Feb 15th closing date)
Income: + $75,000
Debt: $758 (Car payment 457 and 300 student loan)
4 Revolving accounts: 0/$12,320
 
Last late payment was in Feb 2011.  This was from a defaulted federal student loan and paying off a Chase charge off.  The default is reflected on my credit report, because I consolidated them without going thru rehabilitation.  The consolidated loans has been paid on since Sept 2011.  I am nervous about them not approving me because of my default student loans.  Somebody come tell me this loan has a chance of getting approved.  TIA
 
My Wallet: Amex Express BCE $21,000, Amex Express Blue Sky $6,000, Discover $10,000, Chase Freedom $5,000, Capital One $3,750, Barclay $8,500 (AU), Jared $10,000, Pottery Barn $8,000, Sam's $8,500, Ashley's Furniture $6,000, Lowe's $7,500 (AU), Express Next $2,960, and Macy's Store Card (Joint Account) $1,500.

Last Application March 25, 2014. Score ranges 700+
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Help easy my mind.....

Yes you should get approved just fine on your own. I do think that there is a lender that would approve both of you on the loan. His collection is over a year old so I don't consider it a new collection at all. Most lenders require the collection is at least 12 months old and the UW may or may not want it paid to satisfy the conditions for approval. I think it is odd that he was denied because of that collection.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
Uppingmyscore
Posts: 514
Registered: ‎12-28-2012
0

Re: Help easy my mind.....

Thanks Moving Forward :smileyhappy:

 

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.  

My Wallet: Amex Express BCE $21,000, Amex Express Blue Sky $6,000, Discover $10,000, Chase Freedom $5,000, Capital One $3,750, Barclay $8,500 (AU), Jared $10,000, Pottery Barn $8,000, Sam's $8,500, Ashley's Furniture $6,000, Lowe's $7,500 (AU), Express Next $2,960, and Macy's Store Card (Joint Account) $1,500.

Last Application March 25, 2014. Score ranges 700+
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Help easy my mind.....

You will be just fine. Don't stress! I am also a wife of a husband that can't qualify...makes nothing as a Stay at Home Dad and he has a thin file. I just added him as an AU to 2 of my cards, but he won't have a score for 5 more months. I am applying for the loan for our family and I made it through the conditions and I am just waiting on final approval. I am hoping for clear to close by Tuesday!

It will all work out. You can add him to the deed after closing if you like. He just won't have financial responsibility but it still will give him a piece of homeownership. We are two women taking on the mortgage loan for our families! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
Uppingmyscore
Posts: 514
Registered: ‎12-28-2012
0

Re: Help easy my mind.....

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.  

My Wallet: Amex Express BCE $21,000, Amex Express Blue Sky $6,000, Discover $10,000, Chase Freedom $5,000, Capital One $3,750, Barclay $8,500 (AU), Jared $10,000, Pottery Barn $8,000, Sam's $8,500, Ashley's Furniture $6,000, Lowe's $7,500 (AU), Express Next $2,960, and Macy's Store Card (Joint Account) $1,500.

Last Application March 25, 2014. Score ranges 700+
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Help easy my mind.....

You're welcome and thank you so much for your prayers. You all have been such a tremendous help to me at this time. I can only return the favor. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Help easy my mind.....

You would not be approved with your husband on loan in 99.5% of tries. Lenders do not want to see any lates, collections after BK discharge.

As far as applying yourself you have a very good chance.
Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Help easy my mind.....

I disagree with that JM-AM. Sorry. But everyone knows my story but they may not be aware that I filed BK in 2003 (7) and 2005 (13). I have a collection that was posted to my report in 2009 and it is unpaid. My UW did not even request for it to be paid because of my credit score. I was instantly approved through DU and I have satisfied all of the conditions and I am waiting for clear to close. My LO told me if I had any lates, I was not approvable but I have perfect payment history since 2005. So I am not sure why you think most lenders would deny him. I was preapproved twice by 2 different prime mainstream lenders in our area on first try.

So I strongly believe if OP tried another lender, things would indeed go through.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Help easy my mind.....

You are entitled to disagree.

I guess to clarify a little better is the collection and or late payments happened in to short a period of time.

Since I am a banker and also deal with about 40 other lenders I can pretty much say that approval is super slim in their situation.

So in retrospect I know we wouldnt approve it, and know for sure at least 3/4 of other lenders I may use wouldnt either. Which still leaves a small percentage that may. Which brings me to why I didnt say that they would be turned down 100% of the time.
Good Luck
May all your dreams and wishes become a reality!
Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

Re: Help easy my mind.....

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.


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