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Underwriting? had to write letters of explanations

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tishmomof2
Valued Member

Underwriting? had to write letters of explanations

thanks to this board of wonderful people, I Have fixed my husbands credit, we were in the low 500s about 2 years ago, no we are sitting at 679,671,675, anyway we got pre approved for a Va loan thru Usaa for 300,000, we found a house, for 169,000, we are under contract now, and I have just sent in all the paperwork for underwriting, I am so scared, we had to write 3 letters, explaining our situation, one was a paid collection from 2004,that decided to report in 2010!!! I don't even know why they did that, its been paid so long, so we had to write a letter explaining that, also when we got the preapproval we found out about another item that was charged off back in 2006, so we tracked it down and paid it off, it was 250.00 we didnt even know about it, till preapproval, lastly we had to write another letter for a charge off that was paid off a few months ago, it as charged off back in 2006 but we had payment arrangements and finally paid them off  in dec 10,, they all totaled,together about 1000.00, we have paid our bills on time for the past 3 years these debts were all old, out dti is 14 percent, anybody think we will have problem going thru underwriting, we really ant this house, we worked hard to fix the credit so that we could buy our first houseSmiley Surprised

Message 1 of 15
14 REPLIES 14
ShanetheMortgageMan
Super Contributor

Re: Underwriting? had to write letters of explanations

I think you'll be OK as long as your letters of explanation make sense to what is on the credit reports.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 15
gul1
New Contributor

Re: Underwriting? had to write letters of explanations

We just got approved from underwriting, my dh' scores are similar to yours, 669, 688 and 691 and we have a chapter 7 on our BK report from 07/2008. We had to write a LOE for our BK. Our underwriting took 48 hours just as the loan officer said. Our UW went really smooth, no conditions. Now we are just waiting on the VA appraisal and hope the house makes it too Smiley Wink. It will be our first home as well and we really, really want this house. It is just perfect, exactly what we have been looking for.

Message 3 of 15
tishmomof2
Valued Member

Re: Underwriting? had to write letters of explanations

congratz! I am sure your house will make it as well, its so exciting , I tried not to do it, but im already thinking about colors and decorating the kids rooms!

Message 4 of 15
gul1
New Contributor

Re: Underwriting? had to write letters of explanations

I am already thinking about colors  decorating my kids rooms as well Smiley Happy.  I am looking at patio sets too,lol. We just love this house so much, it's fully fenced in and has a long driveway, perfect for the kids to ride their bikes, scooters and skates. If the appraisal doesn't go well, I will be crushed. Buying a house has been a dream of ours for a long time.

Message 5 of 15
tishmomof2
Valued Member

Re: Underwriting? had to write letters of explanations

how exciting, , who did u guys go thru if u dont mind me asking??

Message 6 of 15
gul1
New Contributor

Re: Underwriting? had to write letters of explanations

No, I don't mind sharing. We went through primelending. So far everything has gone very smooth and quick.

Message 7 of 15
tishmomof2
Valued Member

Re: Underwriting? had to write letters of explanations

OH ok we are going thru usaa, but would love a backup just in case, thanks so much!

Message 8 of 15
gul1
New Contributor

Re: Underwriting? had to write letters of explanations

We were thinking about using USAA too because we bank with them and we love them. But I read so many bad reviews about them. My friend wanted to use USAA as well and they had ok credit but USAA would not loan them the money, they went with Citi bank.

Message 9 of 15
tishmomof2
Valued Member

Re: Underwriting? had to write letters of explanations

oh no, did they get preapproved at all??? I looked up primelending, looks like they here in NC, did u use them online, or did u go to one of there many offices,,now im getting really nervous, 

Message 10 of 15
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