Panicking Some More.. Lates & Underwriting

[otite]

My file is still with the underwriter. My LO asked the I write LOE for the only Late I have on my credit from last year JUNE. I have 30&60 day late for my Student loan. My LO still gave me a go ahead and said the underwriter will use the LOE.

I missed the payments because I thought that I had a 6 month Grace period after finishing Graduate school. Well I did get a grace period for my graduate loans but not for my undergraduate loans. UG loan are due the day you finish your graduate program.

Question..

Can my Loan be denied because of the lates? These are the only lates on my credit and I got a preapproval letter from my LO who knew this information. Panicking because we were supposed to close this week.

[fdiggy]

Depends on many things, how high is the DTI, credit score, i would think if they are on the fence its a strong reason to deny.

If DTI is low credit score good otherwise its no problem. Every loan is specific.

How much the down payment is. All of that is looked at on the process and determining risk on the loan.