My loan officer said I coulndt get a conventional loan because I only had 2 open accounts. is it accurate?
5 months ago me and my loan officer decided that we would go ahead and do a conventional loan instead of FHA loan. Well she called me to tell me to sign some paper work for the FHA loan and when I asked her that I wanted conventional she told me that the system wouldnt let her do it because I only had 2 open lines of credit. Im thinking she didnt want to start all the paper work for the conventional loan because she had the paper work ready for the FHA. Am I right?I have good credit and money saved in my accounts and she told me 5 months ago I was approved for both type of loans her only excuse is that you have to have more than 2 open account's in your credit report and that system has been updated recently.
- Bills.comLv 66 years agoFavorite Answer
There are lenders that require 3 open accounts in good standing in order to approve your loan application. Different lenders may apply a looser standard, so shop around to see what other lenders say. Do all your shopping in a short window, so when lenders pull your credit, the harm to your score is kept to a minimum.
It makes sense to search elsewhere for a conventional loan, to avoid the mortgage insurance costs that come with an FHA loan.Source(s): http://www.bills.com/refinance
- troLv 76 years ago
yea, probably three credit accounts are needed to see what your credit history really is
who knows what her reasons are for suggesting the option
- Anonymous6 years ago
Contact a mortgage broker for your best optionsSource(s): Retired bill collector 35 years