Trying to get Pre-Approved!!

[Anonymous]

We are trying to get approved through Wellsfargo and are coming across two issues. We have not had a clean 12 months of paying things ontime. My student loan was on forbearance and then moved to active. I missed paying 2 months (not knowing that this was taken off of forbearance.) It has now been payed and is in good standing. I also had a lost library fine that was sent to collections. This also has now been paid. I can get a letter from both places stating that the accounts have been paid and are in current good standing...but I cannot get them to take it off my report. Is there anything else I can do to help justify this to the underwriter. They said we're not declined yet......and the mortgage rep guy said we have about an 85% chance of being approved. If we do get declined ....any suggestions on what else we can do to try and get a pre-approval before next year. We would love to be able to jump on that tax credit.

[Anonymous]

Can I ask why you are going through wells fargo? 

[Anonymous]

Well my hubby works for them as a banker and is working with a friend who is a mortgage rep....that can ultimately get some costs waived. Plus....as an employee....we may be able to get a better rate.

[Krustytoe]

Good luck. I too have sent my loan through Wells Fargo. I just received a copy of the GFE. Hopefully, I'll hear something soon from them. This will be my first home. Yay to the tax credit if I get approved. I am the only one applying for a 100k home on a salary of 50k with 3.5% down FHA loan. My experian, transunion, and equifax scores are 602, 624, and 710 respectively. I have 5 credit card accounts that are all PIF. I've also already filed my taxes and received $2950 back as a refund. I will file an amendment to my taxes if I do get this home. I am keeping my fingers crossed like you. Wish us both luck.

[WannaHouse]

One thing you can do is wait out the 12 months, if it will still be before 12-01-09. The other thing is to go over to the "rebuilding your credit" forum and seek help there. They are the experts at clearing up the credit so you CAN qualify.

Good luck to you