topic Re: Pre-approved! in Mortgage Loans

Pre-approved!

vabound — Wed, 03 Oct 2012 00:46:49 GMT

I posted last week about applying for a va loan.....yesterday, my husband and I were Pre-approved for $225k at 3.57%. We start viewing homes Friday! When we first contacted our LO in march my scores were TU513/EXP 513/EQ 458 (lender pull). As of yesterday my scores are TU690/EXP598/EQ639 (lender pull). My TU and EQ we're both lower at this site. Well....our journey to home ownership begins!

Re: Pre-approved!

sbeasl11 — Wed, 03 Oct 2012 03:13:45 GMT

Congrats! I am here researching for that very purpose. We hope to obtain a VA loan by next fall. They will use his score since he is the veteran...right? I would be very interested to know what you focused on in the rebuild/clean up process. Great job moving your scores so much.

Re: Pre-approved!

TTR79 — Wed, 03 Oct 2012 03:59:06 GMT

Congrats.keep us posted.

Re: Pre-approved!

vabound — Thu, 04 Oct 2012 04:19:41 GMT

If both of you are going to be on the loan, your scores will be considered. I am not sure what happens if the loan is only in his name. Marriage=community prop which means you would be on the deed so.....ask a LO. I paid off some old debts including my car note, and disputed a lot of stuff. some was inaccurate and some wasn't but if the creditor takes longer than 30 days to respond the acct is removed by the credit bureau. I also got 2 credit cards and I got student loans (I'm in grad school) the loans, which are in deferment until 2016 actually helped my credit. I piggy backed off of my moms credit card but that only reports to experian. lastly, I was determined and prayerful!!!!

Re: Pre-approved!

lsjohns00 — Thu, 04 Oct 2012 08:39:15 GMT

Hello,

I will be trying for a VA loan close to the end of the year. I was wondering if they only look at the midscore report or if they merge all the information positive and negative on all reports? Just trying to get a head start on what to expect.

Re: Pre-approved!

lsjohns00 — Thu, 04 Oct 2012 08:41:00 GMT

One last thing, did you have any negative items remaining when you applied?

Re: Pre-approved!

Shogun — Thu, 04 Oct 2012 11:01:24 GMT

Best of luck to you. Happy house hunting!

Re: Pre-approved!

vabound — Fri, 05 Oct 2012 02:16:04 GMT

Our LO used our mid scores. I have two collections both of which are being reported incorrectly on one report. That was my lowest score so it didn't matter. I will, however have those accts removed before underwriting. Other than that all of my negative stuff is old and at a 0 balance.

Re: Pre-approved!

Elcid89 — Fri, 05 Oct 2012 04:12:17 GMT

lsjohns00 wrote:
Hello,

I will be trying for a VA loan close to the end of the year. I was wondering if they only look at the midscore report or if they merge all the information positive and negative on all reports? Just trying to get a head start on what to expect.

They typically pull all three reports and use the middle score for qualifying. They'll want explanations for any baddies from any of the three reports though.

Re: Pre-approved!

lsjohns00 — Fri, 05 Oct 2012 06:32:47 GMT

Thanks for the information! My mid score will be above 620 when I apply but I still have unpaid negative items on my report. I have an unpaid repo from 2009 that my ex was suppose to take over financial responsibility for per our divorce. I also have a charge off private student loan from 2007. Other than that I have been paying bills on time.