09-13-2012 08:10 AM
Hi everyone. I'll give you a short run down of my situation followed by a couple of questions.
Credit Score (mid): 664
I have filled out/signed my loan app with BB&T, I am applying for a VA home loan. I am service connected so no funding fee.
Application was sent to processor this week for UW.
I had one late payment last year on CC but loan officer said this should not be a problem since my credit/dti is otherwise good. Well, this CC was closed by lender after this ONE late payment. Don't ask me why bc all they could tell me is because i had one late. This did affect my score somewhat but still left me in the range for obtaining a home loan. Do you guys think this will create a problem?? Also, I have only been in my current job for 21 months, prior to that I was a full time student/job hunter and receiving unemployment after ETSing from the Army. I have my car financed through the same bank I chose for my mortgage so they can clearly see i've been very responsible with payments and even paying more than my payment due each month. This car loan was not a factor in my DTI bc it will be paid off this month. I'm very nervous about his whole process. I know my credit score is ok but am worried about the other little things that could cause denial. Not sure if this matters in the least, but I am "technically" married. I have not seen my spouse in 6 years, so obviously we are seperated/not together. I don't know if this will affect anything with the loan bc NC is not a community property state. I do believe that I will have to have him sign docs when it comes to the deed stating that i will be the sole owner of home and he will not having any ties to the property. I think i'm correct on this?? I know this isn't the place to discuss this but thought i'd throw it out there.
I'm so stressed over this whole process and just wish i could get some assurance that this will go as hoped. I'm scared that this late payment/closed account will stop the deal. Will this one problem really stop me from buying a home if i've been great at payments other than that?? I did email my LO yesterday for an update on appraisal but haven't heard back from her....but i feel confident that there won't be a problem with that.
Any advice/words of wisdom for a first time homebuyer who has TONS of questions and doubts?? :-)
09-13-2012 06:16 PM
OK, you may have an issue. If you are legally married in this state, ( which we both are in ) Your spouse will have to go on that deed of trust. Not on the loan, but it's going to cause an issue. Did you advise your banker that you are still legally married? Do you have a separation agreement in place? That may be your saving grace there. You could go for an uncontested divorce before you close, but that will take at least 60 days, do you have time to do that?
09-13-2012 06:50 PM