10-15-2013 03:10 PM - edited 10-15-2013 03:13 PM
Last time I looked, if you had under a 680 and less then 20 percent down then the backend ratio tops at 35 percent going conventional.
in April i did a 626 with 5% down at 45.5%
depends on automated
just about anyone should have the same.
10-15-2013 07:18 PM
I had a middle score of 670 something with 10 percent down and when I tried conventional I got an EA1 or something like that..
EA1 = expanded approval.... think of it as a downgrade to manual underwrite. those are going away.... in January I think.
you got that as a result of the whole file..... NOT because of score and down payment
10-16-2013 07:15 AM
I close loans with scores lower than 670 with 5% down without a problem. The EA-1, meaning not approvable by most standards today, indicates that there are other issues that the automated system found. You have to have some compensating factors to outweigh the weaknesses.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.