My new home

[Anonymous]

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@Anonymous wrote:

Should I contact my LO and do see what I need to do to fix the situation?

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Yes, because you don't want any suprises.  You're just going to keep yourself worried if you don't let them know upfront now.   If and when your reports get pulled again they will see those inquiries.   You will have to write LOXs and state if those inquiries resulted in new credit.  Normally LOs will tell borrowers to not apply for new credit until after closing.       

[Anonymous]

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@Anonymous wrote:

Should I contact my LO and do see what I need to do to fix the situation?

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Yes. From your original post it looks like three cards were not yet reporting when you got the UW approval, and now you have added two more. Five new credit cards reporting between pre-approval and closing could cause some serious issues. Definitely let your LO know.

[Anonymous]

He did and I didn't listen. I know I screwed up... God help me if everything settles out, I will not ignore that advice again. Worse part is we are under contract and have a 2500 dollar earnest money deposit put on on the house.

I just called and left a message with my LO and will get him up to speed. I can't believe I was so stupid.

[Anonymous]

If you have a  mortgage contingency in the purchase contract you'd get your earnest money back if you are denied for a loan.  But may have to show due diligence that you have attempted funding with a new Lender.   Talk to your realtor.  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Should I contact my LO and do see what I need to do to fix the situation?

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Yes. From your original post it looks like three cards were not yet reporting when you got the UW approval, and now you have added two more. Five new credit cards reporting between pre-approval and closing could cause some serious issues. Definitely let your LO know.

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The John Deere account is still not reporting and doesn't seem that is will. but I included that in my original application. So the only will be 3 new accounts, one is a AU user account.

I am so mad at myself right now. I hope this has not tanked my approval. Any other advice you guys have will be appeciated and listened to.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Should I contact my LO and do see what I need to do to fix the situation?

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Yes. From your original post it looks like three cards were not yet reporting when you got the UW approval, and now you have added two more. Five new credit cards reporting between pre-approval and closing could cause some serious issues. Definitely let your LO know.

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The John Deere account is still not reporting and doesn't seem that is will. but I included that in my original application. So the only will be 3 new accounts, one is a AU user account.

I am so mad at myself right now. I hope this has not tanked my approval. Any other advice you guys have will be appeciated and listened to.

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Check your scores for free on credit karma website to see what's there.   Although, they are no where close to being a FICO score, at least you'd see what's on your EQ and TU reports and get a score range.   

[Anonymous]

I have pretty recent scores on myfico. From the 17th of this month. Mortgage scores are this:

EQ 672

TU 690

EX 667

Income is 93600 a year if that helps

[Anonymous]

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@Anonymous wrote:

I have pretty recent scores on myfico. From the 17th of this month. Mortgage scores are this:

EQ 672

TU 690

EX 667

Income is 93600 a year if that helps

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Wait to hear back from your LO.  But you definately will have to write letter of explanation for the inquiries.  Then your file will have to go back to underwriting.    

[Anonymous]

Ok. Thanks Weatherguy and dpeezy. I'll update this thread along the way as I hear and get more info back from my LO and processor.

[Anonymous]

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Talked to my LO and he said as long as I don't increase my balnces that push up my ratios, I should be good even with the additonal inquires and the new accounts. He said that a LOE may be needed for the inquires and accounts and that my DTI ratios are well below the limits.