Regular Contributor
Posts: 147
Registered: ‎03-21-2012


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
Community Leader
Super Contributor
Posts: 5,060
Registered: ‎03-06-2010

Re: Curious....

He is probably able to bump up the loan amount due to compensating factors: mainly the size of your down payment. I'm sure others that are more knowledgeable than I can comment more specifically.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on 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.