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FHA approval help, can rapid rescore save our loan?

New Contributor

Re: FHA approval help, can rapid rescore save our loan?

Thexy1, had to pay $180. I just got an alert this morning from myfico.com that my score went up to 656. Still waiting on experian. That's the one I need above 640. Will keep u guys updated!! Pray for us please!


Thexy1 wrote:
It will be fine!

How much is he charging you for rapid rescore?

 

 

Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
Current Score:EX643TU637EQ659
Goal Score: 700's


Take the myFICO Fitness Challenge
Message 11 of 18
Established Contributor

Re: FHA approval help, can rapid rescore save our loan?

Sending prayers for the scores to come back over 640!

FICO scores are your calling card to the business world. Build a negative reputation and those doors are hard to open, find that perfect balance of credit responsibility and those doors open when you desire them.
Message 12 of 18
New Contributor

Re: FHA approval help, can rapid rescore save our loan?

So my mtg broker called me yesterday while I was at work. My rapid rescore put my mid at 647!!!! Woohoooooo!!! We are now going to underwriting today!!! He said we should have an answer end of next week!!! Is that right? I thought it was gonna be later than that. But he did talk to the lender's UW and some other person in management before he pre-approved us because of our unique situation. Meaning our 2ng mtg being charged off. 

 

Please send prayers that we get approved! I'll keep you posted!! Smiley Happy

 

Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
Current Score:EX643TU637EQ659
Goal Score: 700's


Take the myFICO Fitness Challenge
Message 13 of 18
Frequent Contributor

Re: FHA approval help, can rapid rescore save our loan?

Congrats! Fingers crossed UW is a breeze!


Starting Score: 2/2013 EQ 535
Current Score My Fico: 6/17 EQ 745| EX 740 | TU 775
Message 14 of 18
Highlighted
New Contributor

Re: FHA approval help, can rapid rescore save our loan?


songsofexperience wrote:

Congrats! Fingers crossed UW is a breeze!


Thank you!!! 

 

Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
Current Score:EX643TU637EQ659
Goal Score: 700's


Take the myFICO Fitness Challenge
Message 15 of 18
New Contributor

Re: FHA approval help, can rapid rescore save our loan?

So a little update. My LO text me yesterday saying that, "the UW searched and searched, he didn't see anything that would prevent this loan from gettting approved. That being said he reached out to FHA directly hoping to have an answer tomorrow, but it could be 48 hours. I really like what I'm hearing so far and things are looking good."

 

I didn't hear from him today since he's out of the office. So my question is, I thought the UW was the person that approves the loan? The UW has to call FHA? I'm a little confused about that part. 

 

So once he says "FHA approves it" are we cleared to close? Shane, any thoughts?

 

Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
Current Score:EX643TU637EQ659
Goal Score: 700's


Take the myFICO Fitness Challenge
Message 16 of 18
New Visitor

Re: FHA approval help, can rapid rescore save our loan?


Thank you so much for your sharing. I am claiming that God grants you a victory in this area.  We are at the same point and I am claiming victory as well.  I was a 633 and paid my cc off.  Looking to hear what the processor says and then any suggestions the UW makes.  I'll keep my updates here as well.  Look forward to hearing your updates.

Message 17 of 18
New Member

Re: FHA approval help, can rapid rescore save our loan?

Hi there, I'm in the same boat right now as you were.  Reading your story was as if I was reading my own.  What was your end result?  Did you finally get your home?  When my lender pulled my credit I was at 626 (so he says, though every single thing I look at it's completely different) and I am under contract now, have paid for appraisal and home inspection but he says I need to be at 640 for final approval.  I have given him my life and he has submitted a rapid rescore as of Friday last week, and I've been waiting.  I want to cry too.  I've come a long way, paying off debt etc to get to this point so I know how you must have felt.  What happens if I don't make the 14 points I need for approval? Any input or advise would be great.   Thank you for sharing! 

Message 18 of 18