I was approved through automated underwriter with Veterans United yesterday and spoke with my loan officer this morning. He is sending out a packet for us to sign and send back with W2's, taxes,bank statementes,pay stubs etc... He said my late payment on my car loan 7 months ago was a none issue because I was auto approved. I have been on my job 14 years, make $125k annually, no collections, 1 charge off on equifax only that will fall off in October.
I want to buy a house in Las Vegas around $350k
Debt is: $593 car payment
Navient student loan payment: $225
Credit card minimum payments are less than $100 a month because I leave $20 balances with $15k credit limit spread on 3 cards.
Current rent :$1500
10k in savings.
I just finished paying off $30k in debt 7 months ago and it took 2 years. No bankruptcy,no short sale or foreclosure. Mortgage scores are 625 EQ, 680 Transunion and 689 EXP. My wifes scores are 640, 663 and 685. Should we hold off on looking until they send the approval letter back? He said we could start looking now.
