So we're finally in underwriting after a hell of a few weeks. The assistant who was working with the underwriter quit unexpectedly and apparently never got anything we sent him to the underwriter in the first place. So here we are.
The loan is in my husbands name and he only has one credit card in his name. So we've been working on getting alternative tradelines. We were able to send over our car insurance history and our utility history and those are the only tradelines we have in his name aside from the rent and the credit card. Today we found out the underwriter won't accept our car insurance history because of the late payments and we need another tradeline, which there is no more aside from what I sent over. I mentioned my husband's credit card and the rental history which they said they're using. Last I heard they were sending something over for our landlord to e-sign about the 12 month payment history since he's out of town and they'd let us know if there are any other options. And that's where I'm confused.
My question is wouldn't that equal three tradelines, and isn't three the requirement? I know they're rushing because of what happened with the assistant quitting, it's already caused our closing date to be pushed back. So is it possible that everything qualifies, they just wanted another tradeline so they can go ahead and send the file over to USDA without having to wait for our landlord signing off? I'm panicking because we have no other tradelines in my husbands name so if what we have isn't enough we're screwed. 
@Anonymous wrote:
Today we found out they need four. We got a letter from our car insurance company stating that we've paid on time, because we have, we've never missed a payment. That's being sent to the underwriter and if she doesn't accept it we're finished. I'm terrified, we've been through hell to get our house and my husband even transferred jobs because it's over an hour away. If this falls through, do we have options? Would we have a shot with a different lender?
Yes, if you have one tradeline that can generate a FICO score then there are lenders that will play ball, and anything north of that from a tradeline perspective is a lender overlay.
I don't know who has what underwriting stances these days, but historically there are national lenders that can underwrite with one tradeline which means they'll work for anyone... actually with how the market is setup, anyone that'd underwrite with 1 tradeline from back then, is probably still underwriting with one tradeline now, such things should be more rather than less common at least for any bank that isn't portfolioling their own loans.
@Revelate wrote:
@Anonymous wrote:
Today we found out they need four. We got a letter from our car insurance company stating that we've paid on time, because we have, we've never missed a payment. That's being sent to the underwriter and if she doesn't accept it we're finished. I'm terrified, we've been through hell to get our house and my husband even transferred jobs because it's over an hour away. If this falls through, do we have options? Would we have a shot with a different lender?Yes, if you have one tradeline that can generate a FICO score then there are lenders that will play ball, and anything north of that from a tradeline perspective is a lender overlay.
I don't know who has what underwriting stances these days, but historically there are national lenders that can underwrite with one tradeline which means they'll work for anyone... actually with how the market is setup, anyone that'd underwrite with 1 tradeline from back then, is probably still underwriting with one tradeline now, such things should be more rather than less common at least for any bank that isn't portfolioling their own loans.
Thank you so much for your reponse. That's what I assumed. From all the research I've done before we even started this process I knew three tradelines was the common requirement and many will even accept less. That's why I was blown away having this issue with our lender and their underwriter demanding four. The lender knew from the beginning my husband only had one credit card in his name, why couldn't he have mentioned early on that we'd need four alternative tradelines? And now that we're getting close to the end after months of hard work and jumping through hoop after hoop, we could be denied? I can't even process it.
I'm still really holding onto hope that the underwriter will accept the letter from our car insurance company and approve the tradeline, I don't know how much longer it will take to close the loan if we have to switch. Today was our original closing date and the 45th day since going under contract. We know the seller and our realtor are getting anxious. The reason it was pushed back to begin with wasn't even our fault, though of course we don't expect the company to take any responsibility. 