topic Re: Pre-qualified with all paperwork sent in? in Mortgage Loans

Pre-qualified with all paperwork sent in?

Lovelygal31 — Sat, 21 Apr 2018 12:59:45 GMT

I was pre-qualified from a lender for 350K. Prior to that, I did a full application and they requested every document I can think of.

ID and SS card.
Checking Account statements.
Saving Account statements.
My husband's IRA account statement.
My 401K account statement.
Last 30 days of paycheck stubs.
W2 for the last 2 years.
Income Tax Returns (both state and federal) for the last 2 years.
Chapter 13 Bankruptcy papers.
Proof of on-time payments to the trustee.

After reviewing all those paperwork and pulling my credit, they were able to pre-qualify me.

My question is, does that make underwriting easier since they already have all my paperwork.

I had a few overdrafts in the last few month that is reflected and I'm definitely nervous.

LO says everything looks good.

Thank you.

Re: Pre-qualified with all paperwork sent in?

JVille — Sat, 21 Apr 2018 13:51:40 GMT

Those over drafts reflected in ANY way on the stmts provided the lender? Because with a BK it tells a Underwriter you still have financial lessons to learn. My stmts actually have a box somewhere that show “year to date fees paid”

So yes at best you may need to write a letter of explanation and at worst a reason to decline. I know this sounds harsh but coming out of a BK the magnifying glass is very sharp!

Re: Pre-qualified with all paperwork sent in?

me12345 — Sat, 21 Apr 2018 23:23:19 GMT

Even when one is not in a BK, having a NSF on a bank statement is a huge Red flag...