Closing credits in underwriting

Closing credits in underwritingClosing credits in underwriting
MichaelApash asked 5 years ago

Hi guys,
Currently under contract and about to go to underwriting. We went 6k over our initial limit on a FHA loan but our lender said we were still good because we were lower on our ratios to start so she preapproved the new limit. Anyways, I wanted to zero out all my credit cards just to be sure and make sure everything is fine (we had a nightmare in July where financing fell through due to error by lender). Problem is, I must have not zero’d out the cards in time because they still show a balance on the newest report to credit bureaus from credit company.

My question is, would a printout or statement from credit company that the cards are at 0 be sufficient for the underwriter to take them off of DTI or does it need to update to credit report? Going to speak with lender tonight, but I like to get as much input as possible.

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