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Confused! Need some Guidance

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Darneshia
Member

Confused! Need some Guidance

Hello Everyone,

I need some advice before I let another loan officer pull MY CREDIT. I applied for a loan with Wells Fargo with a middle credit score of 612, the loan was denied after a month of review. :-( Now the builder would like for me to work with another preferred bank but I am starting not to have confidence in their help. So I went to my bank Fifth Third Bank for pre approval.  My middle score is 634 and they have approved me for the amount of the home.

 

Here my problem:

I have not gone through the Underwriting with Fifth and they request $400 for appraisal that's nonrefundable during this process. My realtor advised that I should not do this because if Well Fargo denied me then there is a good chance that Fifth Third will deny the loan as well.  What should I do? I realtor has a broker that she would like to recommend.

Message 1 of 5
4 REPLIES 4
Kozmo
Frequent Contributor

Re: Confused! Need some Guidance

I am going with 5/3 as well and I believe their minimum is 640 for FHA but I may be wrong on that. Your close though. Pay down a cc or something and you may get there.
Message 2 of 5
Darneshia
Member

Re: Confused! Need some Guidance

Thank you for the response. The loan officer said 620 but he might not be providing me with the truth.

Message 3 of 5
Kozmo
Frequent Contributor

Re: Confused! Need some Guidance

Could be. I wasnt 100%...just what i thought I came across before. But there are lenders at the 620 so wouldnt surprise me.

 

5/3 is good though. Fannie Mae just named them their top servicer...which may or may not mean alot when you think of how bad some other servicers  are like BOA and Ocwen...but I havent heard much in complaints from clients with 5/3 loans.

Message 4 of 5
Sunshine85
Frequent Contributor

Re: Confused! Need some Guidance

Can you give more info about your credit? Cards/limits, baddies, average age of accounts, etc. What's your income, home price, DTI? 

Message 5 of 5
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