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I received a call from my LO yesterday around 5 pm stating that my loan has been approved! He said in order to receive the final approval I must provide the following documentation:
1 Provide 2 nontraditional lines of credit as support for borrower history of paying obligations in an acceptable manner. For trades to be acceptable, payment history must be current and active for the most recent 12 mths (note: FGMC will verify accounts and add to FGMC credit) NOTE: one trade MUST be a utility co. since borrower has no history of any satisfactory accounts.
I have provided a utility bill with no late payments, however I do not have any other nontraditional credit that hasn't been late within the last 12 months. My loan officer is saying that the payment history cannot show any lates. None of my nontrad. accounts have ever been 30 days late. Example: My daughter's childcare costs are due on monday by noon. I have always paid on monday but sometimes it was after noon because I lost track of time. Any suggestions? Are there any ways to get around this?
2 Inquiry Letter: Satisfactory inquiry letter signed by the borrower. All inquiries within the past 90 days explained and borrower to confirm if any new debt has been established (any new debt must be considered in qualifying) I have this one covered
3 Income: Paystub Provide most recent 30 days of paystubs. Date of most recent stub must be within 30 days of closing. Paystubs must support income reflected in file. I have this one covered
4 Divorce Decree or Separation Agreement Provide complete copy of divorce decree and legal separation agreement. Must be reviewed for any terms or obligations that may affect loan approval. This condition doesn't apply to me.
5 Credit LOX: Provide satisfactory signed credit explanation addressing all prior issues, Include appropriate supporting documentation. I have this one covered
6 Asset Statements: Provide two months complete, consecutive, current asset statements (required for all borrowers). Ending date of statements within 60 days of closing. All overdrafts and/or large deposits must be explained and acceptable documentation provided. I received refunds from my college for an overpayment of financial aid. What documentation do I need to provide?
Not too shabby at all. My LO ordered the appraisal yesterday as well. I am not concerned with it as I know the home will appraise above what I am buying it for.
CONGRATS!!!!!!!!!!!!!!!!!!!!!!!!!
I am so happy for you lady. When is the closing date?
WOOOOOOOOOOOOHOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!
BTW: interest rate of 4.75 Not bad considering my credit scores are below 620
That is such a blessing Mocha... You fought and WON!!!
@MissMia75 wrote:CONGRATS!!!!!!!!!!!!!!!!!!!!!!!!!
I am so happy for you lady. When is the closing date?
WOOOOOOOOOOOOHOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!
Thank you girl. I don't think I would have gone nuts by now if it weren't for you supporting me with your encouraging words throughout the way. I really appreciate it. My LO said that he will give me a call back first thing in the morning. I was busy trying to get most of these things done so I didn't really ask about the closing. Appraisal still needs to be done and the seller is going to put on a new roof prior to closing as well.
Bump
@mocha82 wrote:I received a call from my LO yesterday around 5 pm stating that my loan has been approved! He said in order to receive the final approval I must provide the following documentation:
1 Provide 2 nontraditional lines of credit as support for borrower history of paying obligations in an acceptable manner. For trades to be acceptable, payment history must be current and active for the most recent 12 mths (note: FGMC will verify accounts and add to FGMC credit) NOTE: one trade MUST be a utility co. since borrower has no history of any satisfactory accounts.
I have provided a utility bill with no late payments, however I do not have any other nontraditional credit that hasn't been late within the last 12 months. My loan officer is saying that the payment history cannot show any lates. None of my nontrad. accounts have ever been 30 days late. Example: My daughter's childcare costs are due on monday by noon. I have always paid on monday but sometimes it was after noon because I lost track of time. Any suggestions? Are there any ways to get around this? We used our rent and insurance
2 Inquiry Letter: Satisfactory inquiry letter signed by the borrower. All inquiries within the past 90 days explained and borrower to confirm if any new debt has been established (any new debt must be considered in qualifying) I have this one covered
3 Income: Paystub Provide most recent 30 days of paystubs. Date of most recent stub must be within 30 days of closing. Paystubs must support income reflected in file. I have this one covered
4
Divorce Decree or Separation Agreement Provide complete copy of divorce decree and legal separation agreement. Must be reviewed for any terms or obligations that may affect loan approval.This condition doesn't apply to me.
5 Credit LOX: Provide satisfactory signed credit explanation addressing all prior issues, Include appropriate supporting documentation. I have this one covered
6 Asset Statements: Provide two months complete, consecutive, current asset statements (required for all borrowers). Ending date of statements within 60 days of closing. All overdrafts and/or large deposits must be explained and acceptable documentation provided. I received refunds from my college for an overpayment of financial aid. What documentation do I need to provide? We had a check from our insurance company for hail damage and I just printed out a copy of the check (from our online bank account) that we deposited into our account and they were happy with that.
Not too shabby at all. My LO ordered the appraisal yesterday as well. I am not concerned with it as I know the home will appraise above what I am buying it for.
@veggs2000: I have already provided the rental information to them w/ cancelled checks. The underwriting is getting kind of sticky with the conditions. They are requesting information that doesn't exsist. Example: The copies of canceled checks for rent, I provided them for the underwriter. That wasn't good enough. My LO requested a "clearer" copy of the check that shows the processing information on the back of the check. I called my bank and was told that the info on the back of the check isn't a requirement any more because most checks are scanned these days and that the info he is requesting is the old way from yearrrrssss ago...
If they are still requesting clearer copies of the checks, maybe you can match it up with your bank statements that show the check did clear.
As for daycare, have you asked the manager/owner to write a letter stating you have been on time with the payments for xx amount of time? If you were a few minutes, or a few hours late with daycare payments, BUT it was paid the same day, maybe they will write that letter for you.
Congratulations!