Mortgage Loans

[Watching]

Ok, so we finally got a call from someone last night.... Apparently, they were trying to add more "Pay as agreed" to our credit history... They wanted to conference call with my husband and the insurance company and the company we pay our gas bill thru... Well, of course the insurance company told them we were paid in full... The gas company told them we had several 30 day lates...

I always pay the utility bills last on the list... But, obviously they are paid or we would have heat...

Has anyone ever been turned down because of late utilities? Not reported to the credit bureaus.. not so late it's turned over to collections...

[NCHopeful]

In my 3 mortgages I have had in my life I have never had to show evidence of timely utility payments. Although I am sure some mortgage companies could or would.  As long as it hasn't made to the agencies it should be fine.

[Sunshine85]

I take it your lender is going the "alternate credit" route since you don't have enough tradelines reporting to the credit bureaus.

How many lates do you have, and in what timeframe? Is this an FHA loan?

[Watching]

Where was like 8 last year and 2 this year... (I know that's a bunch) but, Since it isn't a "loan" that reports to the credit bureaus I've never been overly concerned... Until right now of course....

[Watching]

But I do have current bills that show a 0 balance...

[Sunshine85]

Don't want to make you panic more, but I think the # of lates last year, and two already this year, will be an issue.

[Watching]

Can they deny the loan because of it?

[Sunshine85]

It would probably be best to talk to your LO or processor and get their opinion. They know their lender and guidelines, and are most qualified to opine.

Good luck!

[Watching]

Ok update!!!!!!!!!!

I just talked to the processor and she said she didn't even know anything about it... She said that everything was sent to the underwriter this morning and the alternative credit line was not added to it... She said we'll see if they even need it... She doen't seem to think they will and that they just ordered it for a precaution messure...

She said worst case is the underwriter is going to take 48 hrs (but, hopefully sooner) I'm flippen going nuts!!

[Catacam]

Fingers crossed for you!!!

I'm still waiting on Underwriting!!! Was submitted on the 30th... But, that is is what happens when you have yucky credit!