FHA Confused

[Anonymous]

I am in the process of trying to obtain a mortgage. My Fico's are 678, 624 614.

I first spoke to one mortgage company and they said my scores where fine all mid 600's but my dti was at 53%. They stated to call them back after I pay off a few credit cards.

I called another company never got a response back.

I just got off the phone with one and he said my middle score is 602!, and my dti is 51% I said I recently pulled my scores from myfico and my scores are way higher than that. Nothing has changed except I paid off about 5 cards in full so far and it has not updated for March. They stated that the scores on myfico are different from what the lender sees and we are not giving those scores. I told him it was not an advantage score I was looking at but MYFICO score! Said again the myfico scores are not what the lender sees.

Said a underwriter would not do the loan so he will try and put it thru the automated system.

Looking for a FHA loan 75k. What is going on? 

Message Edited by afni on 03-03-2009 12:44 PM

[Anonymous]

You can no longer get your experian score through myfico, is it possible you have outdated information? Maybe the inquiries from them pulling your credit scores dropped you a bit.

It can take a while for credit card payoffs to show up in your scores, maybe it's just not updated yet? Do you have dates that you pulled scores versus when they pulled them? Who is the lender?

I think maybe what they're saying is they don't go to myfico to pull your scores. They may be unware they are official fico scores.

Another issue may be data mining. When you apply for a mortgage if you don't optout, debts come creeping out of the woodwork.

[Anonymous]

I think he's wrong. When did you check your scores? Are you certain nothing else has changed? You are saying you simply paid down the balance on open credit card accounts, right? I would think you would see a score increase from that.

[Anonymous]

Thank you both,

Nothing changed except for me bringing down my debt. Experian score I had updated before it was taking down. Shall see what happens they will be calling me back tomorrow.