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06-24-2012 07:18 PM
I'm hoping that the inquiry plus the decrease in your AAoA doesn't drop you below the 640 that is needed for FHA. Your mid score is borderline, and the mortgage company will probably have to pull credit at least twice. Once for pre-approval and once for closing. If your score drops below 640 you won't be able to close.
I just went through this nightmare in january.... For me the target was 680 and the mortgage companies pulled credit so many times it dropped my score by 25 points.
Seriously the mortgage is nothing to play around with. If you're under contract and you can't close, you may lose your earnest money, plus the sellers may choose another buyer, who has stronger chances of closing.
Then you have to start the process over again... ie. more mortgage HPs, decreasing score... good news is that once you get past 14 inquiries, they no longer hurt your score...
I know that from experience haha! I had 14 inqs from mortgage. dont ask me how, because it was a nightmare! my closing took 4.5 months and caused a lot of tears...
Don't put yourself in that position please. for you and your wifes sake... a dryer or a $15 discount isn't worth it
06-24-2012 07:26 PM
3 inquiries is not a deal breaker, but a middle score of under 680 could be. Yes, there are those who have been approved with lower scores, but do you want all the stress that comes with that score vs knowing your 680 plus score makes for smoother sailing and more options?
Hope this helps, but if not toss. Just my cent in a half:smileywink:
btw....congrats on your highest limit so far
06-24-2012 07:46 PM
Sorry to be such a debbie downer, but that mortgage was probably the most stressful experince I'd ever been through and I wanted to share my experience in the hopes that you will consider it, unfortunately there's no 12 step program for appaholics.
I feel the itch myself sometimes... Join us in the Garden Club, we'll be glad to have you! Also congrats on the nice CL. That should set you up in the future for nice CLs on future apps... that occur after the mortgage. I went on my app spree exactly 30 days after I closed, and it was nice getting all of those approvals
06-24-2012 07:54 PM
06-24-2012 08:00 PM
06-25-2012 06:37 AM
Would have been better off doing that while buying the washer. But what is done is done.
At least you have a higher CL.
Follow my financial journey: http://www.frugalrican.com
06-25-2012 03:12 PM
When its time to apply for a mortgage, I don't want any concerns with score, inquiries, or anything but where to put our stuff. Score is OK but I need to to the rice and beans thing while finishing school, LOL!