For many years I have silently received great advice and guidance from contributors of this forum. Since you never know who out there may be able to benefit from your experience, I decided to post mine. I will be a true testament to God’s grace and mercy.
I didn’t really track my scores until recently but I think they were probably all over the place over the past 7 years. I filed BK 7 8 years ago and have been “fighting” to gain financial stability ever since. By the grace of God, I am happy to finally reach a point in my life where I am financially stable and able to comfortably save money every month. I have been working with the same employer for the past 9 years and my income has increased significantly. While my financial profile isn’t perfect, it is definitely getting there.
A few months ago, I submitted an application to see if I would qualify for a mortgage. I didn’t really think I was at that point yet; I had hoped I could get direction from a loan officer to direct me to that point. Well, while my mid score was only 607 the loan officer told me that I received an automated approval. I couldn’t believe it. I began my house hunt. Like many, I found it difficult to find a home I could put an offer on. Every time I called my realtor to just view a home, he would tell me that the house had multiple offers so I had to move on. Finally about a month ago, I found a short-sale home that I put an offer on that was accepted (still waiting for bank approval). My loan officer submitted my documentation and I received a conditional approval from the underwriter.
Now today, I will be submitting all of the documentation requested by the underwriter which includes verification/sourcing of down payment and payment of earnest money deposit. While my down payment is kept in my savings account, I have to submit both checking and savings account statements because I transferred money from checking to savings. Part of my down payment consist of a 401K loan that was direct deposited into my checking account and I transferred it to my savings account and my salary direct deposit is set to go into my checking account. So I had to transfer to savings account. In order to document source of funds, I have to show both statements now. Once again, I will be a true testament of God’s grace and mercy. I’m not quite sure how underwriter’s view short term loans but I have a couple on my checking account statement. My statement shows that these loans have been paid off but it still may create doubt about the strength of my app.
Since my original app, FICO shows my EQ score has risen more than 40 points and my TU score has risen more than 30 points. But, nevertheless, if the underwriter rejects my loan because of my checking account activity, I am willing to accept it because God’s will is my way. ….Maybe I will take an Island vacation to “decompress.” I really would like to get this home (my first); however, I vow not to stress over it because I can’t change the past.
I will be sure to share the outcome (good or bad) with everyone.
P.S. I would like to give a special thank you to Shane, Dallas and Brian. Your contribution to this forum is invaluable and greatly appreciated.
