my first mc apt is Monday. I very anxious and this forum has help me so much. the information that was provided on this website has help me be ahead of somethings. any more pointers please let me know. for example my student loan are in a income base repayment which is o dollars monthly. but have contacted both loan companies and they were able to provide me with a statement that says how much my payments will be once the plan is over or when I decide not to reapply which I will. I have letters about my two late payments from 2016. I have everything on the check list i’m just waiting on transcript from the irs. I have read several pages of the forum but I still have two questions maybe some one can help me. I have a bank account with a savings and checking account but my pay check is deposited in a prepaid account they do provide statements but would I have to switch my direct deposit . for the line of credit, I know naca want to see a least 3, does that include rent and if you have more than one student loan form different lenders do each count as on or are you student loans bag together to as one.
As long as the prepaid account provides statements you should completely fine, but to give you an FYI, they want statements for every account that you have. These have to be the latest 90 days worth. They do take an account other trades but your MC will let you know which ones will work for you. You are off to a really great start. Stay on top of your documents. The best thing i did was uploaded all my docs into my Google Drive so that when they need something later, you can easily access it and send what they need. Upload your file with the most recent 30 days stubs, 90 day bank statements for all accounts, student loan info, letter of explanations for any cash withdrawals over $150, letter for late payments, or balances on credit cards. Stay organized and you will surely get through this process. I will be closing on Tuesday, Oct. 24th and I can’t wait to be in my new home!
Just to add to what Krh wrote, your rent will NOT be considered a trade line. However, virtually any other monthly obligation in your name can be used, such as utility bills, car payments, car insurance, even gym memberships as long as a consistent payment history can be documented. Student loans from different lenders would be different trade lines, but if you are currently making a zero payment, they can’t be used.