Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Issue...
I am so through with this house buying process. I need positive thoughts, please!
We were supposed to close today. We excitedly heard from the underwriting yesterday, but they requested that we provide them with 12 months worth of cancelled checks to prove that FI has been paying his credit card bill. FI pays in full each month, not a problem, right??
The problem is we closed our previous checking accounts in December and opened up a new one together. We do not have access to FI's previous checking account to get the cancelled checks. We only have the checks from January 2012 from our new account.
I'm terrified that this will mean we'll be declined
I've contacted the bank and requested that they fax over the information needed to the underwriting, but I have no idea if they're able to do that. I sent them FI's CC statements to show that it's always paid in full each month, but they don't want it. They want to know that FI is the one who has been paying it so we need the checks to prove it.
Please tell me they probably can do this. Everything else seems to be good except for this.
We were supposed to close today. We excitedly heard from the underwriting yesterday, but they requested that we provide them with 12 months worth of cancelled checks to prove that FI has been paying his credit card bill. FI pays in full each month, not a problem, right??
The problem is we closed our previous checking accounts in December and opened up a new one together. We do not have access to FI's previous checking account to get the cancelled checks. We only have the checks from January 2012 from our new account.
I'm terrified that this will mean we'll be declined
I've contacted the bank and requested that they fax over the information needed to the underwriting, but I have no idea if they're able to do that. I sent them FI's CC statements to show that it's always paid in full each month, but they don't want it. They want to know that FI is the one who has been paying it so we need the checks to prove it. Please tell me they probably can do this. Everything else seems to be good except for this.
Re: Issue...
I agree with this. The bank should have the information they are looking for. I just hate that they waited until now to make you jump through hoops like this. If you're supposed to close today they should have thought about this before!
Good Luck!
We're actually still using the same bank, except we now have a new checking account together. I sent an e-mail to a representative who worked with us when we closed the account & opened the new account last night because it was after hours, but I'm going to give them a call right now.
Thanks.
I haven't been through underwriting before, but that sounds ridiculous.
Do you have the old account number? Sometimes through online banking you can "add account" and get the records electronically.
DH and I pay everything electronically, so there wouldn't be checks to show them. The best we'd be able to do would be bank statements.
Yes we have the number of the old account- but it has been closed and we aren't able to access it online.
I managed to get ahold of the same representative from Wells Fargo and he said that it is not a problem, he is gathering the information that the underwriting needs. He's going to fax them over to them today.
What I don't understand is why do they need to know that it was specifically my FI who has been making the payments? His credit score is stunning and he has no missed payments as shown on the credit report. This shouldn't have be an issue in the first place.
Welcome to the new world of lending post subprime meltdown. They are checking and double checking. We are in underwriting at present and it sucks. Our lender tells us to expect the worst with regards to providing obscure docs to meet their requirements. We have already sent a ton of info to meet their demands and probably are not finished. Hope it all gets taken care of soon and you are soon happy in your new home.
Underwriting is so crazy these days.
What you are describing shouldn't be a problem though. Good luck!
When H and I went through the final approval process, we only needed 2 years of tax stuff, the last 2 pay stubs for each of us, and 2 months of bank statements for each account. That's it.
It really depends on what mood your underwriter is in when your file crosses their desk. I work in an underwriting department and I've seen underwriters just let stuff go right on through with barely a glance and then other files from the same underwriter are a complete disaster. Luck of the draw.
http://pandce.proboards.com/index.cgi#general
Have you seen my monkey?
Apparently not. They want to know that HE has been the one making the payments.
The only thing that I can think of is that your credit report does not reflect a monthly minimum payment because you pay it in full each month. If there is not a minimum payment, the underwriting guideline states that the borrower must be qualified at 5% of the balance or credit limit. If that is the case, your debt ratio might be over the limit, which would make you ineligible.
I am assuming you are doing an FHA loan based on what the UW is asking, correct?
We're doing USDA. We were able to get all of the cancelled checks into their hands.
They sent the file back to underwriting on Friday and they have 48-72 hours to respond. Fingers crossed.