So I have talked to a few lenders and past their pre-qualify stage. Everything seems to look good to them my credit is around 650 660, My DTI ratio is below 44% and even have a down payment 8000 as I was looking to get a loan between 180,000 and 220,000. I currently make a auto payment around 500 and rent every month will be 600 unless until I am able to get a house and two secured cards that I pay off the balance on every month . I make 55,000 annually Serveral years ago I did have some blemishes in my credit and few years ago I have cleared and paid all delq.accounts on my credit reports giving me high 650's from all three Credit Bureaus from looking at the Fico Scores from when the lenders ran my credit.
From one lender I have been told since I have student loans this is what is causing me not to be approved. Hence my student loans are deferred and payment on those loans dont start until 2015 I have even offered to show the letter but it seems the lender really didnt bother or try to help.
From another lender it made it to the UW and got approved but with conditions to show reason of past credit and proof that it has been paid, I provided them with a formal explanation letter including the proof. This seem to go back and forth as I was ask for something else or the same thing I had already submitted as it seem like it was lost or something. Eventually after a whole waster two months I was told they was not able to approve my loan.
I have been renting a house for 3 years for 1500 a month pretty much a mortgage payment and I am going to move into a apt so I can save even more money as I really want to buy a house now
I guess my question is are there any suggestions that someone may have for me I taken all the suggestions from the lenders that could not help me which seem to increase my score more but cant seem to get a actual pre-approval so I can actually look at a house????
