Some time after receiving bank statements, tax forms, pay stubs, firstborn child, etc., the loan officer sent an approval letter to my realtor and I thought we were all ready to go. I made an offer on a place and after a short dance it was accepted. When the lender came back a few weeks later, he said the underwriters wouldn't underwrite it. He suggested getting a co-signer or putting 20% down. He had no other ideas. Neither of those are going to happen in my world. Sounds like a bunch of crap to me, but I'm a first-time buyer.
He said my score was too low (I qualify for FHA but not conventional, and there are only two condos in my city that are FHA and neither is acceptable to me, that is, I want to still be able to walk to work).
He also mentioned my medical collections (several small and less than $1000 total) were impacting it as well. I had a plan to pay off a collection a month (none are over $100); tried paying off one of the collections, say it was $60, and they returned me a receipt for $61, noting it as a "partial payment." So I'm not going to play that game with them til I have time to figure out the best way to handle that. (The original creditor/company has been bought by another group.)
Two questions if that's permissible 1)What does pre-approved mean if it doesn't mean pre-approved? For bonus points: Best way to pay off a series of small collections? It would be nice if they just dropped off in 7 years ('18 by my calculations) but maybe they are really impacting my score.
He said my score was too low (I qualify for FHA but not conventional, and there are only two condos in my city that are FHA and neither is acceptable to me, that is, I want to still be able to walk to work).
He also mentioned my medical collections (several small and less than $1000 total) were impacting it as well. I had a plan to pay off a collection a month (none are over $100); tried paying off one of the collections, say it was $60, and they returned me a receipt for $61, noting it as a "partial payment." So I'm not going to play that game with them til I have time to figure out the best way to handle that. (The original creditor/company has been bought by another group.)
Two questions if that's permissible 1)What does pre-approved mean if it doesn't mean pre-approved? For bonus points: Best way to pay off a series of small collections? It would be nice if they just dropped off in 7 years ('18 by my calculations) but maybe they are really impacting my score.