I started the application/prequalification process on a home loan yesterday with New American Funding. The loan officer sent my info through the automated system and it came back preapproved. He asked me for my documents and is in the process of verifying my employment and then will be sending my info to manual underwriting for approval. Keeping my fingers crossed!!
Some background
My mortgage scores are 654/630/612. I have a $15,000 car loan and a $16,000 student loan. 5 credit cards that are all below 15% utilization. I have one paid off collection from January of this year. I make about $45,000 a year.
We are now in the process of getting hooked up with a real estate agent and I also have a house in mind for $170,000 which the loan officer said it wouldn’t be a problem. Guess I’ll find out hopefully soon! Wish there wasn’t a holiday this week.
What are the chances of not passing manual underwriting?
I will update this post as I progress through the process