Home Buying in Oxnard>Question Details

brianna121, Home Buyer in Oxnard, CA

Prequalificiation Letter hold up

Asked by brianna121, Oxnard, CA Wed Mar 20, 2013

i have two loans that showed on my credit report preventing me to pre-qaulify. The loans have been paid off but do not reflect on my credit report yet. Will a letter from my bank showing those two loans have been paid in full to get a pre-qualification letter

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Answers

7
Brianna,

Proof from your lenders should suffice underwriters requirements. But it is best to ask your loan officer to give you specifically what the underwriters need to satisfy the requirements as they can differ lender to lender. Contact me if your current lender will not give you a pre-qual or pre-approval letter. I work with a few good local lenders.

Chris Chin
Seaside Realty
chin.finance@gmail.com
(805)258-2870
1 vote Thank Flag Link Wed Mar 20, 2013
Hello Brianna, I was curious is you were able to get a pre-qual letter yet? I see that a new listing came up for low income housing ready for closing on June 15th. Qualified buyers can receive up to $30,000 in down payment assistance with as little as $2,500 out of pocket. Buyers must meet City of Oxnard requirements and must be low or moderate income. This complex will work with agents so give me a call if you would like more information.

Blanca Dover, REALTOR

Century21 Hometown Realty
Cell: 805-427-5646

Website: http://www.blancadover.com
0 votes Thank Flag Link Sat Jun 1, 2013
Thanks for all the responses.

Bob ,
I am trying to purchase. It has been a little over a month since the loans have been paid. These condos are new construction and I need a prequalification letter from the lender to reserve a unit. I'm afraid the longer I wait the units will sell out. These units are for low income families. I have tried reaching out to the lender but haven't had a response yet. I just wanted to make sure that getting a letter from the creditor would suffice to receive a prequalification letter.
0 votes Thank Flag Link Wed Mar 20, 2013
Yes a letter or statement showing those loans are paid is sufficient and your lender can get a credit supplement.
0 votes Thank Flag Link Wed Mar 20, 2013
Brianna

Yes, a letter can work. How long ago were the loans paid? Are you looking to buy? A pre-qual
may not be enough.

Bob Guadagno
B G REALTY
805-901-5508
0 votes Thank Flag Link Wed Mar 20, 2013
yes and also have your mortgage lender pull a rapid re-score which should boost fico and show those loans as paid.
0 votes Thank Flag Link Wed Mar 20, 2013
Hi,

To avoid this problem from happening everytime you need credit, you should get from the lender a Notice of Reconveyence and have it filed at the recorders office in the counties that you had the loan.

Then you should also send a copy to the three credit bureaus and demand that they correct your credit to show that these loans have been paid off.

That would take a while, but if the underwriters would accept a letter from the lender that would be quicker.

You should still get the matter cleared up by recording the notice, and writing the credit bureaus. This way it will not be a reoccurring problem everytime you apply for credit.

Best
Albert Goldberg Broker
ALYourBroker@yahoo.com
805-797-3862
0 votes Thank Flag Link Wed Mar 20, 2013
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