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Old 03-12-2009, 09:17 AM
 
Location: Gallatin Valley
490 posts, read 1,137,984 times
Reputation: 407

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Thanx dad2jules. We are going fha 3.5%, 1st time buyer. I am STILL waiting on my agent and broker to figure this out! Meanwhile we are waiting for our offer to be accepted on the house we want to buy today.
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Old 03-12-2009, 09:21 AM
 
Location: Gallatin Valley
490 posts, read 1,137,984 times
Reputation: 407
I told her to check usda too.
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Old 03-12-2009, 09:25 AM
 
34 posts, read 254,473 times
Reputation: 35
that credit rescooring i will consider if its really the last option...but i`m thinkin by the time we get pre-approved and all and if they rescore again before everythng is over hs credit score may be higher one of the collections falls off in May...we also made 2 more car-payments...i dunno if that will help...we`ll see...also there were 3 diff names for the same thing on his credit report so i disputed that and it already fell off...so all that is giving me hope...i wish you also best of luck in the buying process of your dream home...
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Old 03-12-2009, 09:54 AM
 
Location: Wake Forest, NC
835 posts, read 3,527,258 times
Reputation: 646
Quote:
Originally Posted by mrsclmn View Post
Ok I get it now. I really wasn't trying to be funny. Just trying to understand as much about this mortgage stuff as I can. It's amazing how one little thing can knock your credit scores down so much. My younger brother had a $100 collection on his account where his girlfriend ordered books in his name and he didn't know it. He paid it off and his score rebounded from 648 to 707.

Think of it like this.... fresh fruit-good, fresh collections -bad. It says to the scoring model your are currently having financial difficulites, which is true for a late payment but not a collection as they usually are from some time in the past but it goes by reporting date.
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Old 03-13-2009, 10:33 AM
 
Location: Gallatin Valley
490 posts, read 1,137,984 times
Reputation: 407
Mirela I wish you the best too. My agent called and said they ran the simulator and it wouldn't make much of a difference.
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Old 03-13-2009, 01:12 PM
 
1,872 posts, read 3,454,253 times
Reputation: 942
Quote:
Originally Posted by Desertrose34 View Post
Okay so we got preapproved a month ago. My hubbys scores are higher but my mid score is 608. WHich they said was fine. fha only wants 580 or better. The house we want finally went on the market. So we want to make an offer yesterday and the broker tells us they just in the past day or two got emails from two banks saying that now they want 620 or better!

And that most banks will now be following suit. I am pretty upset. Has anyone else heard of this?
We also got this bad news last week. My hubby'sscore was fine but mine was just at 600, the cutoff that we were told I had to have to qualify. Then out of the blue he qualifications were raised to 620. Now we're working hard to see what we can do to get it up to 620 ASAP. It's a bummer!
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Old 03-14-2009, 12:06 AM
 
Location: Gallatin Valley
490 posts, read 1,137,984 times
Reputation: 407
Quote:
Originally Posted by GEORGIAINMT View Post
We also got this bad news last week. My hubby'sscore was fine but mine was just at 600, the cutoff that we were told I had to have to qualify. Then out of the blue he qualifications were raised to 620. Now we're working hard to see what we can do to get it up to 620 ASAP. It's a bummer!
My agent said there is still 1 bank that will take us. See what can be done. It may take a while to get that score up!
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Old 03-16-2009, 12:38 PM
 
34 posts, read 254,473 times
Reputation: 35
Quote:
Originally Posted by GEORGIAINMT View Post
We also got this bad news last week. My hubby'sscore was fine but mine was just at 600, the cutoff that we were told I had to have to qualify. Then out of the blue he qualifications were raised to 620. Now we're working hard to see what we can do to get it up to 620 ASAP. It's a bummer!
check your credit report...see if you can dispute some things on there or pay small amts off...people have been telling me for years of course i waited til last minute....
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Old 03-17-2009, 08:50 AM
 
1,788 posts, read 4,147,366 times
Reputation: 1232
Quote:
Originally Posted by mirela26 View Post
check your credit report...see if you can dispute some things on there or pay small amts off...people have been telling me for years of course i waited til last minute....

...this from the person who says her credit score is something like 580.

People, it's not that hard to get and maintain a 620 score, which frankly ain't that good anyway.
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Old 03-17-2009, 09:21 AM
 
1,872 posts, read 3,454,253 times
Reputation: 942
Now I heard yesterday directly from B of A that their min. credit score is now 680. It isn't getting any better for those with marginal credit.
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