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Valued Member
betsy99
Posts: 46
Registered: ‎07-18-2008
0

FHA approval

 Does a higher FICO make you an easier approval? Or doesn't matter if you are 640 or 680 or 720?

 

 Right now I am 621/659/???, hopefully get that 621 above 640 here in the next 2 months, then don't need to worry about what my EX score is, though it has to be about the same because all 3 are identical... same lates, no collcections, no judgements etc..

Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: FHA approval

It really depends on the loans.  I have a lower credit score, and was approved for an FHA mortgage.  Usually your credit score is more to get a better interest rate etc...  I'm sure someone would approve you with that score-  but you never know.  Sometimes they suprise you. lol

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Established Member
raleighmortgagegals
Posts: 20
Registered: ‎01-26-2011
0

Re: FHA approval

You don't mention whether your judgments and collections are paid.  I'm in the mortgage business and we look at more than just your score.

Valued Member
betsy99
Posts: 46
Registered: ‎07-18-2008
0

Re: FHA approval

I have no collections or judgements...

 

Just a ton of lates in 2005(job loss) and then 2 CC's that went late for 3 months in early 2010, one 30 days and the other  60 days, its when we signed up with CCCS for a DMP, was confusion on my end, thought if I made that payment all cards would report current...

Established Member
raleighmortgagegals
Posts: 20
Registered: ‎01-26-2011
0

Re: FHA approval

Looking good.  Underwriters are more strict on mortgage/rent lates.  Can't have that within a year of applying for FHA loan.  Credit card should be OK.

Valued Member
betsy99
Posts: 46
Registered: ‎07-18-2008
0

Re: FHA approval

Last mortgage late was in 2005..


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