Profile picture for user5601370

Why post this it is not true?

My husbands credit score is 776 and he has nothing on his credit that is negative. Yet the banks have denied him a home loan mortgage. They waited till three weeks out from close on a house and denied him. So to say less than perfect credit can get a mortgage,, when close to perfect credit cannot is just not.
  • September 24 2013 - Lynchburg
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Best Answer

Profile picture for GMerino

That seems a odd, but not sure looking at the entire file.  Really if he is just an authorized user that really does not help for credit history.  But they could have asked for non-traditional credit such as a 12 month history for rent, a utility bill that you have paid for the last 12 months and or cell phone bill.  There could have been an alternative to get your loan approved.

  • September 24 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Not all lenders will accept non-traditional credit.  If you are working with a bank and they don't accept it you are out of luck.  I second Cassandra and would also suggest contacting an LO at a different lender or an LO that is a mortgage broker and works with multiple lenders.  Explain your situation and see who can help.
  • September 25 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user5601370
Cassandra that is what I am going to do but I am just not holding my breath at this point.All I can do is try.
  • September 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

So maybe conventional wouldn't be approved-FHA definitely would. If the LO hasn't killed the file yet you could ask to switch to FHA funding OR you're likely way too annoyed (justifiably so) to even talk to you LO anymore...ask for your file back and take it to another lender that does FHA funding.
  • September 25 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for GMerino
It is all about how the loan officer you were working with structured the loan and maybe the bank he/she chose to take your file is not accepting non-traditional credit.

If you have paid your rent from checks, money order, etc. that would have definitely worked along with a verification of mortgage/rent to inform underwriter that you have paid on time. 

A cell phone bill and/ or car insurance would have worked as well.

I would see about talking with someone else who might be able to structure your file for an approval.
  • September 24 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user5601370
I suggested to use the the light bill, and the landlords we rent from had already told them we were outstanding tenants and that we going over the fifth year mark here, and they would not even think of using a non tradional credit. We offered the water bill, old account information from a rental company were we had paid off items. They said they wanted tradional credit. As I said I got the company that was nit picking.
  • September 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user5601370
Yes he did and it is the dumbest reason. He only has one credit card in his name. The income was no problem, length of employment was good, everything was fine but that. He has a joint account on one credit card and an authorized user on three others, and that was not good enough. Even though there was other types of credit listed for him. In short they were nit picky.
  • September 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for GMerino
What was the reason for denial?
  • September 24 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Neeraj Jassal
Did the bank specify the reason for the denial?  There can be many including deficient income, length of employment time - or, there can even be something about the property that this particular lender can provide financing for.

It's not just based on FICO score.  If you have a denial letter, we may be able to provide you with more insight.
  • September 24 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.