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Prequalify--but will it be approved in UW?

New Member

Prequalify--but will it be approved in UW?

So I have a prequalify letter with a mortgage company through a LO. But here is my situation:

 My income x 2 years is $70,000.  I am only at my current job for 1.5 years right now though.  Even though, I switched jobs, still working in the same field.  Savings have about $15,000.  Credit score is lender pulled equifax 675 experian 656 and transunion 636.  I have 2 collection ccs that are paid in 2008 and 2 medical bills that are paid in collections from 2008.  No late payments x2 years.  4 credit cards with a total bal of 850 total credit limit of the 4 cc is 2500.  Monthly car payment of $475 bal is $18,000 and student loan bal of 50,000 with a monthly payment of $300.  I am trying to get approved for a mortgage of $227K (seller pays closing cost)  with a down payment between 3.5 to 5%.  I am wondering if this loan will be approve in underwriting.  I don't want to put myself through the stress of it all if not.

 

I was told that I should only use the base pay of my income which would be 60K because I have not been at my job for at least 2 years.  I work as a nurse and was told that my bonuses and differentials and overtime can't be use until after I have been at my place of employment for at least 2 years.

 

Any information would be appreciated. Thanks!!!

 

Message 1 of 5
4 REPLIES
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Valued Contributor

Re: Prequalify--but will it be approved in UW?

This one seems borderline. But I think you can pull it off.

Message 2 of 5
New Member

Re: Prequalify--but will it be approved in UW?

Thank you for replying. I made the offer for a short sale. It has been accepted. Now I am just worry about when it's time to go into underwriting. I don't know if it would help if I pull my credit score up or is it better to wait until I am officially 2 years at my job.
Message 3 of 5
New Contributor

Re: Prequalify--but will it be approved in UW?

Accepted by who, current live ins or Bank.


Starting Score: 701
Current Score: EX-FICO701 EQ-FICO644 TU-FICO724 all lender pulls April 2nd 2013
Goal Score: 800


Take the myFICO Fitness Challenge
Message 4 of 5
New Contributor

Re: Prequalify--but will it be approved in UW?

I offered on a house over 2months ago that still shows as pending. Have heard notta from Bank. Current owners accepted the offer. Bank tossed offer in trash.

 

 


Starting Score: 701
Current Score: EX-FICO701 EQ-FICO644 TU-FICO724 all lender pulls April 2nd 2013
Goal Score: 800


Take the myFICO Fitness Challenge
Message 5 of 5