My LO finally sent the package to the underwriter. We prepared everything for about 2 weeks now, she wanted everything that the underwriter could ask. From gift letter for the closing costs to bank statements, deposit explanations etc. I have been approved through the FHA automated underwriter but we are applying for USDA. I am sooo nervous that i can't sleep at night lol. I have a 627 middle score , good ratios but my tradelines make me nervous. I have 1 cc open for 3 years, one cc that will turn 1 year in June (our closing date is may 20th) , an auto loan opened last yr in sept and another cc that i am authorized user but opened for 6 months...LO also put the rent history which is perfect. No lates on anything in the last 12 months. One best buy account closed and paid off (that was late back then) in 2009... I am nervous about the tradelines. I started my credit history in 2008... Any ideas? LO said that if it went through FHA i should be fine but i sure hope they will approve me for USDA. As first time home buyers even $5000 cash is kinda hard to come up with...Any ideas? How strict are underwriters right now with Wells Fargo? We are already under contract with a house we absolutely love. Please help with your responses. I really need to know if it will be alright...
