My husband finally received the mortgage commitment letter but he had to pay all collections including the one not even reporting on his cr. This totals $11k. Our LO is increasing our loan amount to cover these pay offs. I am just curious how he is able to do this. We were initially approved forb$135k our downpayment is $40k and our emd was $2k. Purchase price is $178k and the home appraised for $180k. The sellers are paying 6% towards our closing costs. Is the increase possible due to the amount of the appraisal?
Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull) Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull) Goal:700 across the board