So far so good
Officially signed the app and disclosures. New LO is sending it all to underwriter today to hopefully have an iinitial answer by next week. We are going the USDA route. We were able to get Gus accept/eligible. DTI is within guidelines and since 0% down we show some reserves but it’s not required but helps.
The only thing we needed was a letter of explanation about the 9 month gap. May be more conditions though after UW. LO thinks the letter is great and has been referring all this info to her USDA underwriter. Guidelines are iffy about the gap. It says must have no gaps however lists some exceptions which we may fit in but its all lenders discretion on if it’s stable and dependable. LO said it looks good so that’s a good sign. So ultimately it’s up to the lenders underwriter not USDA.
We got Gus approved but just a bit concerned about the recent new account from Verizon showing a paid charge off. It’s on a report but LO didn’t mention it. I guess GUS ignored it since we are at 673 mid score. It’s only reporting on TU but if it reports on the other two it’ll drop the score. USDA guideline says report expires after 120 days but not sure if lender will do another pull. Either way it wont be a new thing if it reports to EQ and EX but it’ll certainly drop mid score which may or may not matter?
Agent is fully aware of the situation. He knows this new Lender and said he would have recommend her (small town) so he’ll be in touch with her too.
Praying we we get good news next week.
