Re: My home buying thread!![ Edited ]
10-02-2012 07:01 AM - edited 10-02-2012 07:02 AM
Looks like underwriting won't be so easy for us after all. Got a call from the mortgage broker yesterday. Apparently my student loans, which are on forbearance, are showing as deferred on my credit report. Why this is my fault, I have no idea. Anyway, I guess that makes a difference to an underwriter because loans are only on forbearance when you have a financial hardship and can't pay them. That is not true in my case. I put them on forbearance to pay other things off and when I started repaying them, my score tanked 50 points. I panicked and put them back on forbearance until we could purchase a house. The mortgage broker asked me to print him my statements from experian showing the score drop and increase to support my story. He said it should be enough but now I'm nervous. He thinks they will make me take them out of forbearance as a condition of the loan, which is totally fine. Also, if you read the original post, you know that we had a lot of trouble with my husband's previous job. Well, they had two credit cards that he was the primary on, so they are under his social security number. The previous employer has not paid them in almost three years, so of course they are killing his credit. Even though he isn't on the mortgage, he is on the title so they are concerned that a judgement on these cards (almost $12k) would take first priority over the mortgage. They asked him to try to get a letter from the board of directors stating that the cards were in fact the responsibility of the camp. Now if I could have gotten that previously, they wouldn't be on his reports at all and this wouldn't be an issue. He told us that it could be a former board member since it is the current board members that have the problem. We called the chairman of the board that left when we left and turns out, he is back on the board and didn't know these cards haven't been paid. He is writing us the letter, having the cards paid, and we will be getting these off my husband's credit report. I can not believe it. Might turn out ok after all.
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!