Chad Scott (ChadScott)
#16 ranked lender in Washington - 8 contributions
I agree with Rob that Freddie Mac can be quite fickle. Did you actually pay off the debts or did your mortgage broker just exclude them? I have found that if your balance to limit ratios are high, even if they are excluded, Freddie Mac will still issue a decline or expanded approval. This is because although the monthly payments are excluded, reducing your debt to income ratio, the overall credit profile is not changed. A very important factor in automated underwriting is a term called "utilization of credit" which takes into account how you are using credit. I am a local mortgage broker here in Snohomish county and would be happy to help you workout the issues and get you approved. Chad Scott - 425.750.6315, or email@example.com.