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Thanks for all this information.
I see having a thin credit file listed as a cause for concern/referral/manual underwriting, but not AAoA.
Does low AAoA equal thin credit for these purposes?
Or does a low AAoA just lower the credit score but not neccessarily the outcome of a mortgage loan application if the credit score is still high enough?
Thanks
@Anonymous wrote:Thanks for all this information.
I see having a thin credit file listed as a cause for concern/referral/manual underwriting, but not AAoA.
Does low AAoA equal thin credit for these purposes?
Or does a low AAoA just lower the credit score but not neccessarily the outcome of a mortgage loan application if the credit score is still high enough?
Thanks
I am curioous about this as well. I have 8 years credit history now since a credit card that I am an AU on started reporting recently. Without that card then I am only at 2 years. Wondering if they will discount the AU card all together when underwriting looks at it. I am in underwriting now and I have heard people post that underwriters do not like AU CC accounts. Wondering if this will cause me problems in underwriting along with it reducing my AAoA.
thin credit file does not only mean low AoAA. I can also mean you have less than 3 credit tradelines.
Great post. On USDA guarantee, it can go through GUS (automative) and then it still is verified thourgh a human right after. If I understand right per your post. Two people rubber stamp it then? Or, is the human verification just that. Verifying what was put into GUS? Confused.
Thanks
@frugalQ wrote:
what I gather from reading here...it's approved through GUS, then an actual person at the bank verifies the info submitted. after lender approval, it goes to another person at USDA to review and USDA approval.
Passed bank UW, then GUS, now its going to USDA. Why double verification on USDA?
This is my first home purchase experience. My VA loan came back as a refer. The LO said it is because of the remarks that say I disputed. My scores are OK and I do not have a really thin file. He said he sees for no reason that it will not be approved. It is slated to be in front of the manual underwriter today. I just hope it comes out ok because I am being relocated for work.
It is sort of a final look at the file. The first two items can be complete with just the LO file submission, and the third must clear through an underwriter with the lender.