https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682025#M260253 <P>My husband and I put a contract down on a new construction home 7 months ago and the builder required money down to begin building.&nbsp; We were a little short on our deposit and made the stupid decision to use an installment loan to cover the difference.&nbsp; We have since paid the installment loan off but we are now coming up on the stage of working with the loan coordinator to begin the closing process.&nbsp; I am anticipating conditions that will come back and I know this will come up.&nbsp; Has anyone seen a situation like this?&nbsp; I want to be proactive and have a LOE ready for when they ask for deposit funds tracking.&nbsp; Original pre-approval was for an FHA loan but credit scores have significally gone up so we may qualify for a conventional loan now.&nbsp; Any suggestions?</P> Thu, 01 Jun 2023 14:21:05 GMT super99 2023-06-01T14:21:05Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682025#M260253 <P>My husband and I put a contract down on a new construction home 7 months ago and the builder required money down to begin building.&nbsp; We were a little short on our deposit and made the stupid decision to use an installment loan to cover the difference.&nbsp; We have since paid the installment loan off but we are now coming up on the stage of working with the loan coordinator to begin the closing process.&nbsp; I am anticipating conditions that will come back and I know this will come up.&nbsp; Has anyone seen a situation like this?&nbsp; I want to be proactive and have a LOE ready for when they ask for deposit funds tracking.&nbsp; Original pre-approval was for an FHA loan but credit scores have significally gone up so we may qualify for a conventional loan now.&nbsp; Any suggestions?</P> Thu, 01 Jun 2023 14:21:05 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682025#M260253 super99 2023-06-01T14:21:05Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682036#M260254 <P>If it has been paid off I am not sure they will ask but we have a couple mortgage experts that can chime in.</P> Thu, 01 Jun 2023 15:22:02 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682036#M260254 sccredit 2023-06-01T15:22:02Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682059#M260255 <BLOCKQUOTE><HR /><a href="https://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/719809">@super99</a>&nbsp;wrote:<BR /><P>My husband and I put a contract down on a new construction home 7 months ago and the builder required money down to begin building.&nbsp; We were a little short on our deposit and made the stupid decision to use an installment loan to cover the difference.&nbsp; We have since paid the installment loan off but we are now coming up on the stage of working with the loan coordinator to begin the closing process.&nbsp; I am anticipating conditions that will come back and I know this will come up.&nbsp; Has anyone seen a situation like this?&nbsp; I want to be proactive and have a LOE ready for when they ask for deposit funds tracking.&nbsp; Original pre-approval was for an FHA loan but credit scores have significally gone up so we may qualify for a conventional loan now.&nbsp; Any suggestions?</P><HR /></BLOCKQUOTE><P>This shouldn't be a issue. How short were you?</P><P>A simple LOE stating you used an installment loan that has since been paid off plus supporting documentation should take care of it.</P> Thu, 01 Jun 2023 16:42:13 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Need-LOE-for-using-installment-loan-that-has-been-paid-off-for/m-p/6682059#M260255 VAMortgageGuy 2023-06-01T16:42:13Z