@Anonymous wrote:
I hope it is a congratulations!! I am so nervous. I don't think I have any, she told me to keep saving. I have a letter saying that I will be getting bi-annual or annual raises. Do you think it will get denied without any compensation factors?
I think you do have them...for example, your husband works and provides income so even though he is not directly on the loan his income is a compensating factor.
Who is your lender? If you have a knowledgeable loan officer, then have confidence in their assessment of your file. The people that run into difficulty are those that have lenders and loan officers without training or knowledge (think big box bank here or Quicken Loans). The processing of those files is different as they start with a application taker (my name for the reps without training) amd they don't get to someone with any knowledge until it hits underwriting. There are some good loan officers at big box banks but it is hit or miss (more miss than hit), unless you are getting a jumbo loan. Different product, different story.
Big box bank 'tellers/application takers' have no knowledge and don't know how to put together a loan. For example, I spoke to Quicken a couple of weeks ago about a buyer that made an offer on one of my listings and the rep was reading a script the entire time, she told me that the file goes to underwriting from day one and each item is added as it comes in. I call that whole story she told me baloney. What was really a surprise is that they have to read a script though - and not actually talk with you.
Other lenders have real loan officers that you speak with and that handle your file + experienced processors. When everything is put together it goes to underwriting. If this is the way your LO works, then you have an excellent chance of getting a full approval because your file is put together the right way from the beginning.
