First time homebuyer with shaky credit--extremely stressed!
Here is our situation: Our credit has been very shaky in the past, but has been better the past few years. My husband recently applied for and was approved for a Sear's Master Gold Card with a limit of $5,000. This led us to wondering if we could qualify to buy a house. The mortgage will be in my husband's name only (my name will also be on deed), and he has a VA certificate. His credit score is 632. We have a realtor and a mortgage broker. We have made an offer on a house and have a contract. The VA has done the appraisal, and we are waiting on it to come back. Owners are pushing to close by 6/30 so they won't have to make another payment. The mortgage broker has assured us she doesn't see a problem with the underwriter approving the loan. She has faxed them the credit report, and they don't see a problem with it, either. The broker has been doing this for 8 years and says she has only been wrong once on underwriting approving/disapproving loan.
I am worried sick that the loan will go to underwriting and be turned down. I am sooooooooooooooo stressed about all this, and can't get it off my mind. Thank goodness we aren't having to wait months like some people do!
My question is this..........what do all of you think the chances of underwriting turning it down would be?