I have applied and was preapproved for a 2nd mortgage May 7. Under contract for new home which states I need to get a loan commitment by June 31 and closing date set for July 18. Appraisal was ordered and came back at sale price with no needed repairs. I am waiting for a loan commitment and not sure it will come in in time. What are my chances of getting this?
Fico EX 711 TU 724
Self Employed for last 4 years, but only last 2 years show profit. (LLC)
Current home mortgage balance $115,000 (put the home for sale and is under option period). Closing on this set July 15
New loan preapproval: $325,000 with 15% down, conventional loan ( So I need loan of 276k)
Current debt:
Mortgage 1340 (no lates ever in 6.5 years)
Auto (3 months left) 450
CC:150
New loan monthly (including taxes, insurance) 2600
One account in collection DOFD 11/2006 (has "customer disputes comment") $991
Average annual income (from last 2 years) $150K
YTD $103K
For the gurus here, do you think I will receive a loan commitment or should I give up as it's been a week or so and my LO doesn't say anything. I sent all the documentation they requested, but they haven't responded. The loan is still with the processor, hasn't gone to UW as far as I know.
I would hate to not get this loan and have already almost sold my current home. The two home are in 2 different states and I am cutting it really close to not being able to prepare a cross state move.
The only blemish on my credit is this col account, so I am looking at worst case scenarios. I may be asked to undispute the debt. I read about the dispute comments on CR, SOL in current state is 4 years. If I ask CA and CB to remove the dispute comment, does that acknowledge the debt as my own? (joint debt and the other party may have been responsible for it). Will the statement " I no longer dispute" be construed as "I acknowledge this debt?" and reset SOL?
Thank you all for your help and support.
