Hi there -
I am driving myself crazy and thought I would just see if any experts have any thoughts... We applied for an FHA loan using the Back to Work program... Scores were originally pulled 3/13/2014 and then after fixing some things and removing disputes were repulled on 4/1/2014 with midscores of 664 (me) and 642 (husband) - lender pull. Our loan officer (through a broker) we used years ago when we purchased our first house and she is highly respected in our area - she had not processed a back to work loan so got a lot of information from the underwriter prior to submitting our file. She talked with the underwriters on what would be required to prove the reduced income, etc. and was fairly confident we would get approved. We did not have a foreclosure ony a ch 7 bk that did not incude our home which was sold with a job relocation. The discharge date for the ch 7 was Jan 2013 so we are over the year mark but not at the two year stage yet.
We are going through underwriting before looking at houses. Our file was finally completed and submitted on 4/4 to the processor and then to "underwriting" on 4/8 ... we were told it would be up to 10 days to get an answer. Last week on Friday our loan officer called and asked about a 30 day late that was showing on our credit report that she didn't catch - which the processor and underwriter said they coudln't approve our application with a late showing... which is fine but the info was wrong. The 30 day late was on an account with a zero balance that was closed in 2010 but for some reason they reported a 30 day late February 2014. She said she was sorry she didn't catch that earlier and she was surprised that both her and I missed it - but said it should be an easy fix and told me to get a letter from the creditor and also call them to have it reported correctly. Which I did on Friday and got the letter to her and a score watch alert on Sunday showing that the account was corrected.
On Monday I asked her what were the next steps and when would they relook at the file with the correct information and she said she didn't know but would find out. No word since... I emailed her today and said I was really wondering if we can find out at least the timeframe - is it another 10 days? Is it in a few days? Is it a month? Again she emailed me back and just said she didn't know but woud email the underwriter again to see if she could find out...
So, I guess I am feeling pretty down at the moment that we have jumped through so many hurdles and did so many "corrections" and everything to still be sitting here waiting to know anything at all... She was confident it would get approved because she had been talking with underwriting before submitting the file but then she seemed like today it was up in the air and she didn't have any idea... And this process is so stressful I hate to keep pestering her too...
Anyway - has anyone ever had a file "relooked" at by an underwriter and if so how long did that take? Does it normally take days or weeks to re-review the information? I just really would like to move on if its a no and wait until January 2015.
Fico Scores as of 1/6/2014 from MyFICO
EX FICO - 649 / EQ FICO - 616 / TU FICO - 649
Lender pull 4/1/2014- EX-664 / TU - 675 / EQ - 626
Kohls - $300 Credit One - $600 WM - $700 Sams - $500
Amazon $600 PayPal MC - $300 NFCU $1000 Cap 1 - $2500
Cap 1 Plat: $2000 Von Maur - no limit set NFCU Nav Check - $10k
