Worried about being denied in underwriting?

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My boyfriend and I are buying our first home in Minnesota. My credit score was 630, bf was 680, our combined income is about 40-45k. We were pre-approved for a USDA home loan up to 135,000, and offered on a home for 129,900 and got accepted. The inspection was done and the home owner fixed all issues and the appraisal came back more than what we offered and we are now in the underwriting process. My question is what is the likelihood that we may be denied the loan? They said we should hear back by the end of the week or Monday, but I have been worried sick about it. I had to fix a few things on my credit before we got the pre-approval and don’t know if that matters or not. Thanks for any advice or help.

3 comments to Worried about being denied in underwriting?

  • Rob  says:

    good luck on this. it is a craps shoot.

    here are some things to do IF u get
    the house. 1st get married -easiest
    way to save u both legal problems.
    2nd if not option, get Life Insurance
    on him and he on u.
    3rd do written notarized wills.
    4th both of u work 2nd jobs until u
    each have 6 months of house operating
    costs saved.

    Will save u some very hard life lessons.

  • linkus86  says:

    Your loan office is just guessing at the timing. It is out of his hands and he/she has no idea how busy the underwriter is and is forgetting that many people take off this week due to the holidays. You might have to wait until next week for an answer.

    I have had so many clients like you that I completly can empathize with how much your are freaking out but when your think about it, there is nothing you can do. But what always confused me the most that the ones who were denied completely gave up on getting qualified in the future when the issue holding them back was so small. Just remember that if you don’t get approval this week, there is no rule you won’t get qualified 6 months down the road. If a problem exists, it is your credit score. And it can be improved in a handful of months. Good Luck.

  • Range Of Credit Scores  says:

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