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Automated Underwriting Approval after short sale???

I completed a short sale 22 months ago due to a divorce. This is the only time I have ever been late on a credit obligation.  As a result, my credit took a hit, but my middle score is now 715.  I am currently in escrow on a house and made it through automated underwriting with an approve/eligible for a VA loan.  My broker tells me not to worry, but I am extremely concerned.  Is the human underwriter going to comb through my credit report even though the DU findings do not require any explanations, etc...?
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September 24 2010 - US
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Replies (9)

Hi there -
I totally understand your concern. 
it is awesome that you got that approva and it will go a long way ...
The human underwriter must comb through absolutely everything - she has to do it to keep her job.  There are really strict rules that she has to follow - it's crucial.
BUT truly everyone is on your side and they want to help.  My advise would be to just think positively and be patient. 
Hang in there!
Sincerely,
Celia
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September 24 2010
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Got commitment letter... approved with conditions (very minimal and nothing to do with prior short sale)..  So, we'll see... released ALL contingencies! Here's to hoping :)
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October 11 2010
That's a buy back!
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October 12 2010
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Home closed this week... Not one question asked re: short sale less than two years ago or the fact that my mortgage was 150+ days late. This was in fact the easiest of the 3 homes I have bought in my life. I guess there is light at the end of a divorce!
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October 21 2010
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Congratulations!
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October 23 2010
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Dear worried123,

I am very interested in what bank you used and process to obtain a mortgage after having a short sale. My wife and I lived in FL and had to take a short sale about 18 months ago. We took a big hit on our scores. We were able to purchase a small house in GA where we moved to prior to the short sale. We have 9 acres we want to build our retirement home on. We want to try to start the process next year but extremely worried about getting the construction all in one add in mortgage loan from a bank. We have raised our scores to about 620 but that is not what the banks want to see. We have no late payments for over two years now on anything. I make well over $100K and my wife is now retired (forced early retirement) and makes about $34k. So the income is there. Our debt ratio is about 34%. Unfortunately due to our income we do not qualify for rural loan programs. Please email me [view contact info on profile] with any info or advise you are willing to share with us. Thanks in advance.
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October 26 2010
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I'd like to know which bank that you used. Thanks.
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November 15 2010
[Deleted for self promotion]
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December 22 2010
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Please read the policy for posting Mr. Burrows here. Self promotion is discouraged to make the board a friendlier place for people to ask questions and discuss. Answers are great, spam or call me solicitation not so great. People can easily contact you through your profile.
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December 22 2010
 
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