Loan not included on mortgage application

3 Replies

I'm in the process of trying to get a FHA title II loan on a manufactured home to put on my land. This will be my first mortgage and I'm very new to the whole process. While filling out the application at the mobile home dealer, I asked whether I needed to include a car loan that is not reported on my credit report, and was told that I didn't need to if it's not on my report. I received a conditional approval. Since then I have been researching a little about loans, and I'm now worried about the application. Should I call the mortgage company and explain the situation and give the loan information, or try to cancel the loan application and resubmit a new one with correct info. Sounds shady but I was actually just having a ditzy moment. Worried I'm kind of damned if I do damned if I don't. Any and all advice appreciated.

Do the right thing and get the car loan on the application.  You shouldn't put yourself in a position where you're being loaned more than you can afford to repay.  There are guidelines to make sure you have enough wiggle room to not get yourself into trouble.  They exist for everyone's protection.  Period.

@Tabitha Hensley You should find out what created the conditional approval. It could be the car loan (which I agree you should list) or other factors. Under FCRA, when you are 'adversely affected', which includes conditional approval, you are entitled to know why. Ask and get the facts.