First mortgage loan advice? sent papers in today!

[Account Closed]

The loan officer said my numbers were tight with my income being a waitor and all but after she ran the current tenant living upstairs rented at 625, she said that made a huge difference and should get in. I also have a credit dispute in tact that should be cleared up in the next couple weeks which will bring my 3 scores at 730, at least 680+ on the two with the name mix up. The lady said my chances are excellent but how many of you actually still have problems after the loan officer says that ? thank you still nervous because I want this house so bad and to get started to building wealth! It's all I think of is the bank. Also should I contact smaller local banks as well just incase this doesn't go through? thank you!

[Ophelia Nicholson]

Please don't be upset by my response- I work in mortgage and I do have some UW authority (as little as that may be) Here are the issues with your situation. Firstly your credit dispute- Never apply with a dispute on your credit, Fannie Mae and FHA guidelines require that a loan be manually Underwritten if there is a dispute on credit as the report calculates your score without the dispute information- If at all possible you don't want a manual UW. Second issue is your income as a waitor with tips- Could be a problem because loan officers don't really know how to calculate income so it may actually be way tighter than they think. Lastly the tenant living upstairs, Did you file your taxes with the income? Did you declare a loss? Have they lived there less than 2 yrs? Hope I don't sound like the queen of doom and gloom. Let us know how it goes.