•11:49 PM
Many of you are wondering (at least my facebookfriends) why in the world I am switching lenders. Here's the story:
In 1996...can you believe I am starting my story with those two words? But actually something did happen in 1996 that messed up my loan today, 14 years later. Back to the story:
In 1996, when I was only 16, my parents had a credit card that was in their account but under my name for convenience sake when I would run errands for them and such. Someone stole their identity so they did what everyone should do when your identity is stolen, they disputed the charges and fixed it all.
Fast forward to 14 years later, today...
So on my credit report it shows that I had a disputed charge...let me say it again...FOURTEEN YEARS AGO!!!
This flagged underwriting and they went from doing an automatic underwriting to a manual underwriting. Apparently once you do that you can't go back. So for some reason this made them want me to show 3 months of reserves in my bank account. The problem with that is that it can't be a gift, it has to be my own money reserves. So, needless to say I don't have 3 months reserves of my own money and I can't get it anytime soon.
The good news is that this is totally not normal and I already have a new lender lined up.
The bad news is that I may close a week later (at least I will still close!).
The good news is that I get the same rate of interest which was a good rate.
The other good news is that my previous lender is very cool and told me not to give up pursuing this and said, "you are very lendable." Apparently my credit is very good and other than this still hiccup I should be good to go. Praise the Lord!
So keep praying!
In 1996...can you believe I am starting my story with those two words? But actually something did happen in 1996 that messed up my loan today, 14 years later. Back to the story:
In 1996, when I was only 16, my parents had a credit card that was in their account but under my name for convenience sake when I would run errands for them and such. Someone stole their identity so they did what everyone should do when your identity is stolen, they disputed the charges and fixed it all.
Fast forward to 14 years later, today...
So on my credit report it shows that I had a disputed charge...let me say it again...FOURTEEN YEARS AGO!!!
This flagged underwriting and they went from doing an automatic underwriting to a manual underwriting. Apparently once you do that you can't go back. So for some reason this made them want me to show 3 months of reserves in my bank account. The problem with that is that it can't be a gift, it has to be my own money reserves. So, needless to say I don't have 3 months reserves of my own money and I can't get it anytime soon.
The good news is that this is totally not normal and I already have a new lender lined up.
The bad news is that I may close a week later (at least I will still close!).
The good news is that I get the same rate of interest which was a good rate.
The other good news is that my previous lender is very cool and told me not to give up pursuing this and said, "you are very lendable." Apparently my credit is very good and other than this still hiccup I should be good to go. Praise the Lord!
So keep praying!
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