UW denied forward to Investor

[ixc007]

My lender just said that our loan was denied, due to mutliple BK'S, collections and charge offs. Which are all old. Anyways, my lender said the last straw would be to send it to the Investor. I've never heard of this, what are the chances on getting our loan approved?

[Anonymous]

When you say "old" how old is the most recent deliquency and bankruptcy. Did you have a preapproval?

[ixc007]

Yes I had a pre-approval, we were on the final approval. The last BK was in 2013, thecharge off's where 2 years old, the last late payment was 1 year old. 

[Anonymous]

Ah yeah that is probably where the issue is... None of R that is old. Old is relative but 12 months is generally minimum and some programs require longer than that for last late payment, 2 years after bankruptcy is bare minimum and most lenders do not want to see lates after a bankruptcy and charge offs were also after bankruptcy. They want to see responsibility after bankruptcy.

If this works out then hooray! If it doesn't try to get a full credit underwriting before a offer on a house.

Do you know your mortgage score also? More information may help the loan officers on here help you

[Anonymous]

The fact you have multiple BK's and started getting charge offs a year after your last BK doesn't look good at all and I would be surprised if anyone approved you right now until you show a couple more years of no late payments or any delinquency's.Actually I'm a bit surprised they pre approved you but I'm also no expert but that would appear to be too high risk to me.Out of curiosity how many BK's we talking about?