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What was their reason for denying you?
They're the same repo's that were on your credit from the start right? Nothing new? Thats BS
I am sorry to hear this....I've been walking around with a pre approval for a few weeks now. Every house I visit is sold the same day....
Did you try another lender?
Hi @Anonymous ,
How much info did the lender give you?
For example: Did they mention whether or not your file was approved through an automated underwriting system?
Did they say if your file was down graded once it hit underwriting?
What type of loan did you apply for, FHA?
How do the repos report on your credit? Are they reporting as charged off or in collections?
@Anonymous wrote:
Hi I got approved through AUS. Once I got to underwriting they had the file for a week we had to push to get someone to look at it and I was told the underwriter's management team told her to deny the loan. FHA. One is charged off. The other I thought was charged off as well but it's showing voluntary repossession. I was able to reach a settlement with that one so I'm paying that off.
Ok. Unfortunately, even though a file is approved through AUS, there are still circumstances where FHA requires underwriters to down grade a file to a manual underwrite. Given all of the risk associated with COVID19, my guess is, this lender just didn't want to "stick" their neck out on your loan. That is not the case with all of us. In a situation like this, I have my head underwriter preview a file to make sure he's good with it & usually get an answer from him same day.