10-10-2012 09:02 PM
First off I want to thank everyone on this forum for contributing and sharing your stories and experiences. Reading and researching this forum gave my husband and I the ability to start the process of credit rebuilding and applying for a first time mortgage.
OK here is a little history on our process so far....
We have paid off the vast majority of our credit card debt and we decided to apply for a loan with the expectations of being turned down, but at least with all the information that we needed to work on getting approved.
So we were given the name of a local bank and encouraged to start there. We have collection accounts that vary from 5 years old to more recent and most of them are medical bills for labor and delivery.
We filled the application out and the automatic pre appoval was approved at 170k, but the mortgage lender wanted to have the underwriter look at the application to make sure that the collection accounts would not be a problem upon closing. We agreed and it took over 3 weeks to hear back from him. Today when he called he said that the debt to income, credit history, salary and collection accounts were all good but because I took a new job that paid better recently the lenght of employment history was what was going to keep us from getting approved. My husband receives VA disablility compensation and I had been employed previously for over 6 years at a commision only chiropractic clinic. Then I had the opportunity to work at a family owned business for a larger garanteed salary and I have been at our families business since june of this year full time. Our mid scores were 620 and 650 when he pulled them, and we are eligible for a VA loan. Does anyone have any suggestions or recommendations for another lender that would be more considerate of the circumstances or do we really need to wait another year? Any information is appreciated.
10-11-2012 07:54 PM
Is your employment in the same field? That could make a difference.
10-12-2012 08:12 PM
Technically no the employment is not in the same felid.
I have worked part time for over a year at my current job but only 5 months full time on my current salary. Will this still count as length of employment at this job. The collection account originated in 2008 except for my medical accounts which started in 2011. I have payment plans set up with the medical accounts, and I have had the majority of the older accounts deleted when the credit bureaus could not get them verified. I also have a question about that, if equifax and experian delete a collection account but transunion says they verified it is there something I can send transunion to ask how they were able to verify the account when the others where not?
Thanks so much again, I appreciate the help.