Just pre-qualified, but not sure if I will survive underwriting..VA loan help

[hopingtogetahouse]

Hello,

I was just pre-qualified with Veterans United for 204K and received all of the paperwork for pre-approval today.   I am concerned about underwriting and anticipate it will be a difficult process.   I want to know if I even have shot at surviving based on my circumstances.    My credit scores were: Experian 697, Equifax: 703 and Transunion 742.  

I know that in underwriting, my employment will be verified several times.   I have a really great job as a personal chef, but I work for someone who is very old and and may not live another 3 or 4 years.   I wonder if this will come into play in the employment verification and end my mortgage application in denial.    Also, after looking at all of the paperwork, I saw something that was incorrect.   I filed for chapter 13 bankruptcy in April 2007 and was discharged October 2012.   It has not fallen off my credit report yet.   Our car was included in the bankruptcy and it was paid in full.  We received the title from Honda and a letter saying it was paid in full.  On the paperwork I received today, I saw that it was included as a "liability" along with my monthly expenses.   Does anyone know if I need to stop the process and deal with my credit report or will the letter Honda sent me, be enough to prove to the underwriter it's been paid?   Or should I wait until the bankruptcy falls off the credit report and the car information will go away with it?   

Thank you!

[ezdriver]

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@hopingtogetahouse wrote:

Hello,

I was just pre-qualified with Veterans United for 204K and received all of the paperwork for pre-approval today.   I am concerned about underwriting and anticipate it will be a difficult process.   I want to know if I even have shot at surviving based on my circumstances.    My credit scores were: Experian 697, Equifax: 703 and Transunion 742.  

I know that in underwriting, my employment will be verified several times.   I have a really great job as a personal chef, but I work for someone who is very old and and may not live another 3 or 4 years.   I wonder if this will come into play in the employment verification and end my mortgage application in denial.    Also, after looking at all of the paperwork, I saw something that was incorrect.   I filed for chapter 13 bankruptcy in April 2007 and was discharged October 2012.   It has not fallen off my credit report yet.   Our car was included in the bankruptcy and it was paid in full.  We received the title from Honda and a letter saying it was paid in full.  On the paperwork I received today, I saw that it was included as a "liability" along with my monthly expenses.   Does anyone know if I need to stop the process and deal with my credit report or will the letter Honda sent me, be enough to prove to the underwriter it's been paid?   Or should I wait until the bankruptcy falls off the credit report and the car information will go away with it?   

Thank you!

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Since your bankruptcy discharge was 10/12 [less than 2 yrs old], is your loan officer going to use the Back To Work program to do your mortgage?

Your client's age and health situation is their private business. I won't share that info with anyone.

As a personal chef, are you considered self-employed? How long have you been a personal chef. The underwriter will loot at years in same job/field and type of earnings [1099, W2, etc].

[yepbob]

Ch 13 bk does not have to be discharged for 2 years - in fact you can still purchase through FHA while still paying in the plan if you have had 12 months of on time payments and the trustees approval.

[ezdriver]

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@yepbob wrote:
Ch 13 bk does not have to be discharged for 2 years - in fact you can still purchase through FHA while still paying in the plan if you have had 12 months of on time payments and the trustees approval.

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Oooopppss ... my bad. I misedd that it was a ch 13 and not a ch 7.

[hopingtogetahouse]

 Thank you for your response.   I'm not self-employed so when the underwriter verifies employment, they will be speaking to the personal manager of the person I cook for.    I have been in the food service industry for over 20 years (cooking in restaurants, catering company, food service company for a college, and now personal chef).  

[ShanetheMortgageMan]

Should be fine from the information you provided.

[ezdriver]

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@hopingtogetahouse wrote:

 Thank you for your response.   I'm not self-employed so when the underwriter verifies employment, they will be speaking to the personal manager of the person I cook for.    I have been in the food service industry for over 20 years (cooking in restaurants, catering company, food service company for a college, and now personal chef).  

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Sounds like you are in good shape. The verification of employment will be in the form of a document that will be sent from the lender directly to your employer. Once completed, your employ must send it directly back to the lender. It cannot go through your hands.

I wish you all the best and we'll be here to answer questions that will have along the way. You are on your way!

[DallasLoanGuy]

provide the payoff letter...... lender will order a credit supplement to verify honda is paid and you are good to go.

we do this stuff A LOT during processing.