Why am I so afraid of Underwriting!?!?

[stephv71]

It must be all those years of mediocre credit and past denials.  Maybe I can post my information and you can hold my hand and make me feel better   When the LO told me my file was going to underwriting, I broke into a cold sweat! 

The Good

Annual income of $101,000

Paid off all debt..only one SL pymnt of $157/mo

20% down

6 months of reserves

Appraisal came in at $20k above purchase price (new construction)

The Bad

Collection account of $6,000, paid last year.  Cosigned a SL for our daughter that went bad and we didn't know.

C/O from Dell, two years old.  Balance is questionable and my attempts to contact them failed; they would not provide me an explanation.  Am willing to pay at closing.

Several lates from 2010 and 2011 due to a brief period of unemployment and taking care of sick/elderly parents

Other stuff that worries me

When they pulled our credit, our mid score was 645 due to the accounts we paid off not posting yet.  They pulled again, but never told me what the scores were.  They had to be higher.

We just moved here from another state.  I was off for 8 weeks and got a job in the same field. I have only been able to show my first week on a paycheck, but I did provide my offer letter showing my annual salary.  DH is retired and receives a monthly pension.

We provided 2011 and 2012 taxes, but now they are asking for proof of filing for 2013. I specifically asked them when we applied, if they would need to have transcripts for 2013 and she said no, because the filing period had not passed.  I'm sure it's sitting in a huge pile of returns at the IRS!  I did however provide proof of paying the taxes. Ugh!  

Part of me says we are in a good position and the other negative part says it will be denied for some reason.   This is so ridiculously stressful...

What does everyone think?

[TurboFX]

Lol underwriters are people too. They won't bite. Don't be afraid to ask questions for fear of annoying or pissing them off. But they are people so you want to be on their good side. Their job is to evaluate your risk and their name is on the line when they approve you. Inquire if there is any other supporting documents that you can provide. It is common for them to request further documents as the loan is close to be finalized. If they are really stuck on something that you cannot provide then there is not much that you can do. Everything looks good and it seems the only barrier is the tax returns. Best of luck

[Alberio]

Not much to add except empathy.  Underwriting scares me to death too!!!  My husband's been dragging his feet a little on getting documents together for underwriting and he said yesterday "what's the worst that could happen?  closing is delayed a week or two?"  OMG - the wait is killing me as is!  Tacking on another week or two sounds like a special kind of torture...

Anyway, I hear you!  Hang in there!

[CelesteR]

I completely understand! I made it through the bank underwriting and still freaking out because we are now waiting on USDA approval! I feel all the time like I'm on the verge of the a panic attack. Unfortantly in Texas they are two weeks behind so it's taking forever. My loan officer keeps telling me not to worry but I can't help it. I have this horrible feeling that at the very last moment something is going to happen and the loan will fall through. We already had to push closing from today until next Monday because of waiting on USDA.

[stephv71]

Honestly the most stressful, nervewracking thing I've been through!  Not only am I doing this, we have just moved to this new state, and I started a new job.  I just wanted to see how much stress I could take! LOL. 

The things that they have asked for are almost laughable.  They wanted an explanation of a $160 deposit. Seriously?  I can't wait to see what ridiculous things they ask for in underwriting... This is going to be a loooooong week.

I wish all of you the best!  Post your approvals when they come in!  I need encouragement!!