Will Final Conditions make the deal fall apart? My home loan is in Underwriting. They need docs I ca

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Hi. I am in the process of buying a home. The seller is calling me and my mortgage broker 2-3 times a day asking for a closing date. My broker just told me that the only final condition is the payment history on my student loans. I just got out of school and consolidated my loans and put them in deferrment. They are including the payment in my monthly debt even though my 1st payment on the student loans isn't until Dec. 06. Therefore, there is no payment history. My broker said Underwriting was using that as my payment history as I don't have any other credit card debt. My car was paid off 1 1/2 yrs ago. Will this make my loan fall apart? Is there anything I can do to speed up the loan so the seller will back off? The house is a REALLY good deal! Help. Experienced answerers only. Thanks!

Will Final Conditions make the deal fall apart? My home loan is in Underwriting. They need docs I can't give!

Hi there. All is not lost. Here are three quick options to get this out of stalemate and move it forward.

1. Write a letter explaining the situation in detail. Keep it all fact based: Over the years... I have accumulated Student Loans in the amount of xxx. Based on recent changes to the student loan program, I have chosen to consolidate them to lock in my interest rate. My first payment on this loan is Dec 6, 2006 and therefore I have no specific payment history on this account.

2. Write another letter with the subject Payment history of (your name and SSN). come up with stuff. Have you paid electric bills, cable bills, cell phone bills, anything? Put it in there. Your car was paid off 2 1/2 years ago... did you have a loan on it? if so, include it all. Just because you haven't made a credit payment in 2 1/2 years doesn't mean you're lost.


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