Re: May need to find a new lender....
11-27-2012 06:26 PM
The new LO called this morning and stayed on the phone with us for an hour going through each line item on our credit reports. Turms out he wasn't really concerned about mine because my score is 637 (he can do it at 620) and all of my old bad debt is at a zero balance. My husband's score is 641 however he has a charge off of $4k for a car that he cosigned for when he was previously married. His ex-wife kept the car after the divorce, crashed it and then bought a new one with the insurance check, neglecting to pay off the old one. My husband has not wanted to pay this as it is her debt but in actuality he knows he is responsible as well. The LO told us to keep in the back of our minds that we MAY have to pay this or settle/set up payment arrangements, but we will cross that bridge when we get to it. Other than that he felt confident enough with our DTI and income to proceed. We did the initial application over the phone and then he emailed us a list of docs to send him including W2's, tax returns, bank statements and LOE's for bad debt and my employment history. I feel so much more confident that this is someone who will do his best to get this done and will hold our hands through the process. He even had a conference call with our realtor and the sellers agent and told them he is shooting for getting this done before the new year (we were supposed to close Dec 7th). It felt really good to speak with someone who understands credit issues and gave us a chance to explain certain things. He said he would put us through automated uw and if it comes back as "reserve" then he will send it to manual with all of our docs and LOE's. We should know something in a few days!!!!
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board