Understanding how the DU process works?

My husband and I are both self employed and have a 30% down payment and 35% DTI, but the problem is that we want to qualify for a single-year tax return approval on a conventional loan.

I have an excellent credit score but my husband’s middle score is only 712, though it should update next week to be around 720. We don’t have time to wait because we need to make an offer on a home we love.

If we go for the approval with one lender, with my husband’s 712 score, and get denied, can we still apply next week with a different lender? Or do the Fannie Mae and Freddie Mac AUS retain that information and prevent you from applying again once you have a better score?

Appreciate any help you can give!

submitted by /u/hellosayonara
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My husband and I are both self employed and have a 30% down payment and 35% DTI, but the problem is that we want to qualify for a single-year tax return approval on a conventional loan. I have an excellent credit score but my husband’s middle score is only 712, though it should update next week to be around 720. We don’t have time to wait because we need to make an offer on a home we love. If we go for the approval with one lender, with my husband’s 712 score, and get denied, can we still apply next week with a different lender? Or do the Fannie Mae and Freddie Mac AUS retain that information and prevent you from applying again once you have a better score? Appreciate any help you can give! submitted by /u/hellosayonara [link] [comments]

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