Cross-posted and long, sorry in advance but my nerves have me sick to my stomach!
A little backstory on my process so far: I was pre-approved for an FHA loan. Found several homes I would have put offers on but they were snatched up by cash buyers of course. So I found another that both my husband and I love, but unfortunately the seller had flipped it and it can’t go FHA until the end of August. So I talked to my lender about the possibility of getting a conventional loan. Unfortunately, I can’t put more than 5% down so he said it’d only be possible with a co-signer. My husband has crap credit so I asked my dad to co-sign and he said yes! He has over 800 credit score so we got the pre-approval changed to a conventional loan. So we put the offer in and seller accepted. We signed the contract and have a closing date of 9/7 or 9/22 if we need to extend. Inspections are scheduled for next week and all was going well…
Then I get an alert from my Capital One/Credit Wise app that my score has changed. Turns out Nelnet reported my accounts as delinquent so my score dropped significantly like 48 pts to 578. My account was supposed to have been under an in-school deferment because I’m enrolled online to finish my BSN. I called Nelnet immediately and the rep put my accounts into an administrative forbearance. Apparently the site Nelnet is supposed to communicate with for my school status isn’t updated which is another mess I have to deal with. She told me Nelnet only reports to the credit bureaus at the end of each month. My accounts on Nelnet are now in good standing but I’m assuming my score won’t go back up until right before we are supposed to close (assuming all inspections go well).
Am I screwed? Does having my dad approved as a co-signer with excellent credit help in this situation?
Submitted August 08, 2021 at 06:27PM by coffeeplzthxx https://ift.tt/3CmGipw
