December 1, 2017 is the day

[CostantinoA]

I will be applying to get pre approved on December 1, 2017.  My stats are in my signature line.  I am really hoping to get some advice on how I can get approved for the loan on Decemeber 1.  I was looking to get FHA loan. I am first time home buyer in the State of Nevada.  I will have about 7-10% down.  Any advice?  Thank you!

[Anonymous]

Do you know what your mortgage scores are yet? I saw you created another post asking why your scores are so low. From the info you put into your signature, it's your credit card debt that is weighing your scores down. The use of revolving debt on mortgage scores is weighed HEAVILY. 

In your case, it would be easiest if you give the limit and balance owed on each card versus your total usage. If you're in the maxed out range on a card, that's hurting you too. The optimal scenario for mortgage scores is to have total utilization at 9% or below. You also get significant increases or decreases in scores depending on how you cross each utilization threshold. 

Are all the inquiries you have from the past 12 months? If not, then don't worry about the ones that are older than 12 months. FICO only calculates inquiries within the past 12 months although they remain on your credit report for two years. 

[CostantinoA]

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@Anonymous wrote:

Do you know what your mortgage scores are yet? I saw you created another post asking why your scores are so low. From the info you put into your signature, it's your credit card debt that is weighing your scores down. The use of revolving debt on mortgage scores is weighed HEAVILY. 

In your case, it would be easiest if you give the limit and balance owed on each card versus your total usage. If you're in the maxed out range on a card, that's hurting you too. The optimal scenario for mortgage scores is to have total utilization at 9% or below. You also get significant increases or decreases in scores depending on how you cross each utilization threshold. 

Are all the inquiries you have from the past 12 months? If not, then don't worry about the ones that are older than 12 months. FICO only calculates inquiries within the past 12 months although they remain on your credit report for two years. 

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I haven't had any inquires since Jan 2017.  I heard a loan can still be uptained with credit if there are other postive factors.  I am working to get the debt paid down and actually taking off abouy 7% of the debt per week.  I should have it knocked out in no time.  I heard that you only need the debt and scores at goal 3 days before closing?  Is this true?

[Anonymous]

I'll let the lenders on this board answer that, but I personally think the answer would be no. At three days before closing, your loan should be final and complete just waiting for you to come in sign the necessary paperwork at settlement. 

I would think your credit report would have to be in order by the time you apply for the loan so you will be in the best shape or underwriting. After getting approval for the loan, the lender will pull your credit again before closing and that's to make sure your debt hasn't changed and you haven't applied for any new credit. If your balances are higher and you have the income to support it, they will just add it to your DTI ratio. If you've increased your balances and don't have the income or applying for new credit has decreased your scores, you may lose your loan.