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I was going to wait a little longer to see if i could improve my score but it has been stuck in the 620-640's range for over 6 months now.
So i called Wells Fargo and gave the representative the information he needed to process the application, i asked him if it was even worth applying since my credit score was very low, he told me that as long as it is over 600 that i would be in good shape but that it would probably be denied by the system and would have to go though underwriting.
As expected it was automatically denied by the system, he gave me my middle score which was 627 and told me that i stand a pretty good chance of getting the pre-approval after the underwriting is done.
Bank: Wells Fargo
Loan Amount: $70-100K
Anual Income: 25K
Fico Middle Score: 627
Wish me luck i will post back when they finish reviewing the application.
Good luck!
We're applying for pre-approval through Wells Fargo later today...can't wait!
What negatives are on your report that are keeping your score in the 620's? How recent are they?
Only 2 negatives, a collection for a measly $90 and a Paid CO, both are over 2 years old.
My score was around 640 2 months ago but my utilization is higher now which lowered the score almost 20 points, i think what killed my utilization is a $400 balance on a $500 limit card.
I just went though pre-approval and I'm still alive. Good luck!!
Hey Denny - any update on your pre approval?
Still have not heard anything, should be a couple of days at most.
I do hope i get that Pre-Approval, my middle score is over 620 and i have had squeaky clean credit for the past 12 months with over 50 consecutive on time payments on my tadelines so i do not think that would be an issue.
I am honestly more worried about my income than anything else, i do not know if they consider 24K annual income as too little for a mortgage, although i am asking for less than 100k so i really don't know.
@Denny33142 wrote:I do hope i get that Pre-Approval, my middle score is over 620 and i have had squeaky clean credit for the past 12 months with over 50 consecutive on time payments on my tadelines so i do not think that would be an issue.
I am honestly more worried about my income than anything else, i do not know if they consider 24K annual income as too little for a mortgage, although i am asking for less than 100k so i really don't know.
Your question is really a question of Debt to Income (DTI), not of just income.
What the underwriter looks at is the total cost of your new home purchase (also called the front end ratio) and your total debt (called the back end ratio).
The elements in your front end ratio include: Principal, interest, real estate taxes, homeowners insurance, HOA/condo fees (if any) and MI (mortgage insurance premium).
The elements in your back end ratio include all of the above plus your other debt like vehicle payments, cc payments etc.
Each lender has their own maximum ratios they allow which differ between programs. FHA is different from conventional.
If you are in the pre-approval stage, the LO is going to make some assumptions on the taxes, insurance etc. Normally your ratios can be calculated in minutes, not days. Wells Fargo is exceptionally slow though. If you are looking for guidence, I really do suggest going to another lender so you can actually get good information. If your zip code is in your name, then you are in Fl. PM me and I will give you a couple of good lenders in the area that can answer your questions right away. I'm a Realtor in S Fl.
I Submitted my request for preapproval yesteday so I am hoping and wishing and praying I get it! I am ready to start house hunting!