Advice on UW (Underwriter)

[Anonymous]

Hey Yall,

Okay...I am kind of scared now. I went through a program to help with my downpayment assistance. I did everything they said to do which they passed paperwork over to lender. I have an inspection for this week and then the appraiser will come next week. I am scared that the UW will find something that I can not fix. I have no collections because I paid them all off, I have one cc which I've never been late on, I have money in my reserves of 4000.00. Plus I have a 401(k) I can pull from. The problem I seen arising is rental history. As I did have rental history but paid my rent late because I had slumlords. However, I am afraid that they will request for payment receipts. So I asked another landlord to provide a reference for me. They did in fact call that landlord but I am not sure if it will be suffice. Any suggests....

credit score... Trans 613, Equi 595 Exp 585 (as of 8/08)

[Anonymous]

My loan officer never checked my rental history.

[DallasLoanGuy]

What does the loan officer say?

[BrianB_The_Loan_Professor]

IF you have an automated approval on an fha loan rental history is not asked for if it is manual underwrite they will ask

The fact that you had slumlords will not matter to the lender

If you were never 30 days late it shouldnt be a problem

Can you show 12 canceled checks for rent

[Anonymous]

Thus far the lender has only called the landlord for reference and have not asked me to provide any cancelled checks. I am not doing FHA its a conventional loan instead to avoid PMI. Now they want me to provide documentation of how much my graduate student loans will be but I am not finished with school. I will resume the new semester in February of 2009. The loans will start in January of 2009. What should I do? Should I consolidate the loans so that I can provide them with a monthly payment?