What are my chances?

[Quickdraw]

Ok another one of those, I know but I am worried. Got pre approved by Wachovia/WellsFargo for a VA mortgage of $100,000 and wonder how hard the final approval will be. My fico for equifax was 648 two weeks ago and I have since had a charge off removed along with about 7 inquires. Bk 7 discharged in Oct 2005. Only new credit is car note for two years with no lates. LO said as long as score is 600 or better it is no problem. I also am concerned about not having any credit since BK except car note but again LO said no problem. My income is around $41,000 and my car note is $351 a month. Again no other debt. Any help or comments from you guys would be greatly appreciated.

[Anonymous]

Hey, Sorry I cant answer your quesion.... but how exactly did you go about getting inquiries removed?  I'm ready to begin the loan shoping process, however I feel ive got to many inquiries and would like to get those removed.

[Quickdraw]

The inquires have been there for a while and either I did not approve them or I just did not remember. Any way, I just logged into my account through the three credit bureaus and told them that they were not approved and they took them off. The charge off was a car note from FMCC and it was supposed to be taken care of by my ex according to the papers but it was not. I told them it stated this in the divorce decree and they took it off. I am no expert, I just have been doing a lot of reading on MyFico from things other people have done and tried a few.

[Quickdraw]

Any opinions????

[medicgrrl]

If this is a true pre-approval then your loan should have already gone to the underwriter.  Is this a prequalification based on credit being pulled?  It doesn't sound like you should have any problems as far as credit.  If this has not gone to underwriting yet then my guess is they may ask for a couple of more verifications, such as utilities, cell phone, insurance etc, showing no late pays

[Quickdraw]

Thanks just getting worried just like everyone else does I guess.

[medicgrrl]

Do you know if this has gone to the underwriter?  Have you actually filled out all of the paperwork, submitted paystubs, bank statements etc?  I saw your other post.  If you haven't made application yet or have not submitted all of the papers and are concerned with the overdraft then ask your LO to do a VOD (verification of deposit) instead of supplying bank statements.    If that is the only OD on there I don't think it will create a problem.  Just a simple explanation that you forgot a small debit in the checkbook or whatever is the reasoning.

[Quickdraw]

No it has not gone anywhere. I have not submitted anything to the LO yet just got the pre-approval to bid on a house. He said if I needed an official pre-approval letter for the realtor let him know and he would get it to me. |I guess I will just give him a call tomorrow and get things off to a more formal start because we are ready to buy. Thanks for all your time.

[medicgrrl]

What he gave you is a prequalification.  Basically it just means that based on what you told him you qualify.  You definitely want to get the ball rolling.  A lot of realtors will tell the sellers not to accept a contract without a true preapproval right now.  The lenders are getting strict and loans that would have gone thru a year ago are not going thru now.  It would be in your best interest to go ahead and start the approval process.

[Anonymous]

Also, as far as the LO telling you only having 1 credit line being OK, I would be concerned.  That may very well be true, but one of the sitpulations for loaning post BK is the person having reestacblished good solid credit history with zero lates.  They usually want to see 3 accounts that have been open for a year at least.  It is very possible that they will let this slide of course, but the LO is not the one that will maek that decision.  I would make sure that you get a full Pre-Approval.