New Member
Posts: 6
Registered: ‎01-02-2013

Chance of PreApproval?

  1. Credit.  - 601, 599, 589.
  2. Income.  - Around 3K per month.
  3. Source of income. - Steady Job for over a year.
  4. Monthly debt payments.  - One revolving CC min payment 25$. Credit line - 401$. One debt(Auto Loan) 400$ (cosigned).
  5. Employment - Employed for a large company, worked for over a year, also in school.
  6. Assets/Reserves.  -Tax return amounts as down payment.
  7. Location.  Tucson, AZ.
  8. Property. Single Family Homes
  9. Value.  75K and below.
  10. Occupancy.  Primary residence.
  11. Transaction Type. Purchase/FHA.


Based on the information above, does anyone think I have a chance, i'm going through Bank of the West for an FHA.

Valued Member
Posts: 34
Registered: ‎07-02-2012

Re: Chance of PreApproval?

I think you should work on rebuilding your credit somewhat first...although I hear that FHA will accept credit under 640. your income should be fine. good luck!

Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
On November 17, 2012

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New Member
Posts: 6
Registered: ‎01-02-2013

Re: Chance of PreApproval?

I'm working on building my credit, I'm only 21! However, i'm working hard! Thank you for the response!

Valued Contributor
Posts: 3,303
Registered: ‎06-09-2010

Re: Chance of PreApproval?

As mentioned earlier, your credit scores need some improvement. 


The scores you posted where did you get them from? I am not sure if they are FICO scores. If they are not FICO scores you would need to pull your FICO scores for a better judgement for mortgage qualification.


Next question is you are working and going to school, is the job in your field of study? If not then they may want 2 years of steady employment. If it is in the same field of study then your employment would be okay.



Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Posts: 456
Registered: ‎02-07-2010

Re: Chance of PreApproval?

Although 620 is the "sweet spot" as far as getting a loan approval, I would shoot for 640 atleast because your score could take a hit when shopping around for the best loan. This doesn't apply if you apply for all interested loan products within the 30 day period but speaking from experience, this almost never happens.

Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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Established Contributor
Posts: 1,837
Registered: ‎08-20-2012

Re: Chance of PreApproval?


Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: Chance of PreApproval?

Yes I agree. You should shoot for a mid fico of 640. Reason I say this is because a lot of lenders require a mid fico of 640 for an FHA loan. Some will go as low as 580 but they may not be able to work with all properties. We are getting an FHA loan through UAMC which is the in house lender for a home that is a brand new construction. If you are looking for a brand new home or condo, a lot of times you have to go through their in house financing that has stricter requirements and there are incentives to do so. We are getting $15K chopped off the purchase price by going through the in house financing. Most lenders require two years of employment at a minimum so I would wait another year to get your scores up and employment history. Plus you will get a better interest rate with higher scores which means a lower monthly payment. Your income is just fine.
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New Member
Posts: 6
Registered: ‎01-02-2013

UPDATE! Re: Chance of PreApproval?

I got the Pre-Approval today!

Here are the details:


Loan Type/Product No.: 211 - FHA 30 YR
Loan Amount: $73,641.00
Sales Price: $75,000.00



New Contributor
Posts: 55
Registered: ‎07-09-2012

Re: UPDATE! Re: Chance of PreApproval?

Congrats! What was the interest rate of the day?

Starting Score: FICO Lender 7/2012: EQ 598 TU 643 EX 640
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01/13/13 Lender EX 677
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New Member
Posts: 6
Registered: ‎01-02-2013

Re: UPDATE! Re: Chance of PreApproval?

I'm looking at a 3.6% interest rate. Is that bad?

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