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Old 03-07-2009, 09:54 AM
 
Location: Gallatin Valley
491 posts, read 1,138,950 times
Reputation: 408

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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?
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Old 03-07-2009, 10:23 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,099,734 times
Reputation: 952
This is becoming very common. However, there are still lenders that will write an FHA loan down to a 580.
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Old 03-09-2009, 04:30 PM
 
34 posts, read 254,560 times
Reputation: 35
listen to daddysm3 and only him...lol do not let anyone tell u diff because none of us know ur real fin. situation like what you can afford and what not...and yes there are lenders that will work with our credit scores...you just have to make the decision if what they pre approve you for will work for you...ppl on here have been very negative towards our situation (i have a 575 but just found out that hubbies is in the 600`s...) as well so keep looking i can recommend one broker who is currently working on our pre approval just pm me...however the credit score requirements are changing frequently...
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Old 03-10-2009, 02:06 AM
 
Location: Gallatin Valley
491 posts, read 1,138,950 times
Reputation: 408
Thanx you two. Well we just made an offer on our dream home. I hope we get it. The agent said so far there is still 1 bank that will take us. *crosses fingers* If not we have a few other trix up our sleeves.

mirela26

There is something my agent talked about, paying your bill off, then paying for a rapid credit re-scoring. Maybe it will work for you?
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Old 03-10-2009, 07:14 AM
 
163 posts, read 598,332 times
Reputation: 85
Quote:
Originally Posted by Desertrose34 View Post
Thanx you two. Well we just made an offer on our dream home. I hope we get it. The agent said so far there is still 1 bank that will take us. *crosses fingers* If not we have a few other trix up our sleeves.

mirela26

There is something my agent talked about, paying your bill off, then paying for a rapid credit re-scoring. Maybe it will work for you?


I also heard of this and a friend recommend we not do it, b/c it does NOT Guarantee it will get the score up enough.
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Old 03-10-2009, 10:54 AM
 
Location: Gallatin Valley
491 posts, read 1,138,950 times
Reputation: 408
Okay.
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Old 03-11-2009, 12:55 PM
 
Location: Wake Forest, NC
835 posts, read 3,529,361 times
Reputation: 646
I just got a 615 approved with a loan to value of 70% conventional.
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Old 03-11-2009, 08:22 PM
 
148 posts, read 492,809 times
Reputation: 83
Quote:
Originally Posted by dad2jules View Post
I just got a 615 approved with a loan to value of 70% conventional.
That means they have to put 30% down? Seriously, not trying to be funny but if they have 30% to put down, why wouldn't the credit scores be higher? Just wondering.
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Old 03-12-2009, 05:51 AM
 
Location: Wake Forest, NC
835 posts, read 3,529,361 times
Reputation: 646
Quote:
Originally Posted by mrsclmn View Post
That means they have to put 30% down? Seriously, not trying to be funny but if they have 30% to put down, why wouldn't the credit scores be higher? Just wondering.

This is a refi. Had a medical collections post this month- 615 middle, 605 low score. High score that collection did not report to is 705 so 90 point hit for overlooking a $50 doctor bill. Also, OP didn't give any information about her down payment/ equity position, purchase or refi. Just figured I'd throw it out there to let them know it wasn't impossible.
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Old 03-12-2009, 08:52 AM
 
148 posts, read 492,809 times
Reputation: 83
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.
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