Mortgage loan help needed

[bubbles0605]

alright, so here we sit waiting for pre-approval. The LO emails me and says "is anything else under my name , such as electric, cell, cable. he says he needs this to look at "alternative credit" to give us a bolster. HUH????

We have a few issues on our credit but nothing in the past couple years. At least 12 months with no lates at all. I have 2 judgments on mine , 1 was paid in 2004, the other I need to settle.

Dh's credit scores hover around high 500's (597,594,603), mine are 628,619,?)

Does anyone see a problem with us being able to qualify for an FHA loan? I just dont see the problem so maybe someone else can find it.

Thanks a bunch!

[DallasLoanGuy]

they want some alternative trade lines to boost the credit a little.

we do this all of the time.

[DallasLoanGuy]

this is a quick list of some alt trades.

i have another list i will try to find. as the underwriter ranks these. for example, rental is more important than telephone bill.

Forms ofnon-credit payment references must document timely payment of

• Rental History

• Appliance rental or purchase

• Cable television bills

• Daycare expense

• Dealer financed auto loan

• Electricity bills

• Furniture rental or purchase

• Gas company bills

• Insurance premiums

• Jewelry purchases (storefinancing)

• Long term layaways

• Medical bills paid per paymentagreement directly to the provider

• Owner financing on purchased goods

• Rental of current or previousresidence

• Rent-to-own agreements

• Store financing

• Telephone Bills

• Personal Property Tax bills

[bubbles0605]

Thanks Dallas!

I was just getting worried and really dont seem to be getting any clarification fro this LO.

I do have cell phones, and cable in my name. Also my rent has NEVER been late in the 5 and a half years I have been here.

Message Edited by bubbles0605 on 11-07-2008 04:59 PM

[DallasLoanGuy]

Ask questions.... your loan officer should be able to answer ANY question that I can from this discussion forum.

If not.... then they are just an application taker.... THERE ARE A LOT OF THESE..... and you would be better off moving on.

If your loan officer cannot pick up the phone and get an opinion on a scenario from underwriting.... Well... it kind of tells the story.

Better yet.... If they cannot answer most of your questions off the cuff.... then, well, you know... they suck

[bubbles0605]

When I asked "how everything was looking so far"? The LO said "it was hard to see the big picture yet" hmmmm... I thought that was an odd answer.

Also, yesterday I emailed him back with the same question I posted to you and havent gotten an answer yet, and probably wont, he seems to beat around the bush on questions.

Maybe I should get someone else, I just hate to see them pull my CR's again, dh already had an 8 point hit from the last one.

[DallasLoanGuy]

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@bubbles0605 wrote:

When I asked "how everything was looking so far"? The LO said "it was hard to see the big picture yet" hmmmm... I thought that was an odd answer.

Also, yesterday I emailed him back with the same question I posted to you and havent gotten an answer yet, and probably wont, he seems to beat around the bush on questions.

Maybe I should get someone else, I just hate to see them pull my CR's again, dh already had an 8 point hit from the last one.

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your 'loan officer' doesnt know jack crap about manual underwriting an fha loan.

they should be able to pre-approve you on the spot unless the alt trades are fishy