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Hard to say. What stuff do you have on your file to bringing your score down? Alot depends on what that stuff is. Recent collections, late payments, Inquiries, and the list goes on.
First thing Anncat is relax. Mortgage stuff reminds me of a guy undergoing a test for something serious and then waiting on the MDs to call with the results. This is nothing like that. If this doesn't work out it is NOT the end of the world. You look over the reasons for the denial, go back and fix them, and come back next time. If you have your eye on a certain house then understand houses come and go on the market everyday. There is always a house to buy.
Don't work yourself into pretzel about all this.
...I'm sure you know already that 578 mid mortgage score is marginal at best ...580 is the generally mentioned minimum ...and I'd think you'd understand that you're going to pay a significantly higher apr because of it if you do get approved ...is there a real need to buy now? ...another few months and some work in the credit repair forum could make a real difference in your scores, not to mention your monthly P&I ...hth
I have to agree with the previous poster. If you have so much money in reserves and for the downpayment, why dont you use some of that money to clean your credit and qualify for a better rate? That will save you money over the course of 30 years on a mortgage. See if any of those collections will do a pay for delete and get them removed and then open a secured card with a higher limit and don't max it out. Just use it responsibly for about 6-12 months. Your score will look much better.
honestly, that could save you a headache too. people shoot from the rooftops that they can get loans closed with those score and they rarely ever go through. More often than not, IF they close the terms are not in the buyers favor.
@Anonymous wrote:
I am currently working with a broker who pre approved me for a 220k mortgage. Income-62475 Mid score -578 Other factors- 10% down payment plus money two months payment in reserves Also a 401k with 39k in it. Have now turned in all docs in and am being sent to manual underwriting. Have 12 months 100% on time payments on rent. Lender is Carrington Mortgage. What are the chances of actuly getting tho lon to close? Have read all over that Carrington goes as low as 550 fico
Hello and welcome.
I deleted the duplicate thread you posted. Posting multiple threads with the same subject is discouraged and can cause confusion.
Thanks for your understanding.