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Contributor
Posts: 87
Registered: ‎07-25-2013
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Finally Scores Up...Loan App Submitted - Update

[ Edited ]

All - Like many others I have learned so much from my fellow Fico'ians and appreciate the feedback as I've worked to improve my scores to become mortgage ready. Finally   my scores were up enough to submit loan app/paperwork for a mortgage on a new build (est. close date 4/22), missed my original Feb. target date. Over the weekend I've submitted about 37 documents, including LOX for BK in '07 and approx 7 derogs post BK. including student loan lates from early last year, student loans and 2 split accounts from a collection agency for TMobile that I wasn't able to get PFD's for and Cap1 oldie. The loan agent will submit to tomorrow so I'll be a ball of nerves the whole week.

 

I've learned that it's easy to get into debt and hard to get out. It's taken me a 10 months to clean up tons of baddies...medical, auto repo and a few other straddlers. Again, couldn't have done this without hours on the forum, afraid so say how many :-). Thanks!

 

Now to wait...Praying the Underwriter will have mercy.

 

Update - 3/25/14  I'm not sure why this wasn't brought up earlier as a potential issue but found out today that my 'Unreimbursed Expenses' on my '12 tax (26k) and '13 (12k) are generally a Deal Breaker! Loan guy has been lax in communication and could have informed me ahead of time. I'm not sure how I missed this in the forums as a 'potential' deal breaker. I wrote a letter to UW explaining but from what I read it may not be enough. Will wait patiently for the official denial and will go to plan B.

 

Anyone else had this experience?


Starting Score: EFX 545, XPN 561, TU 539
Current Score: 4/3/14: 660 EFX (MyFico), 635 XPN , 680 TU
Closed on my new home 5/5/14!
New Contributor
Posts: 72
Registered: ‎02-12-2011
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Re: Finally Scores Up...Loan App Submitted

Wishing you the best!!  CongratulationsSmiley Happy


Starting Score: 503
Current Score: 667
Goal Score: 650

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Contributor
Posts: 76
Registered: ‎09-17-2013
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Re: Finally Scores Up...Loan App Submitted

Good luck!

 

I had to go through 3 Mortgage companies and 2 realtors.


Starting Score: EQ-563 TU-515 EX-578 VANTAGE-609 September 2013
Current Score: EQ-639 TU-627 EX-625 VANTAGE 662
Goal Score: 700 All Around


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Contributor
Posts: 87
Registered: ‎07-25-2013
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Re: Finally Scores Up...Loan App Submitted

Thanks all! Wow 3...well I'm using the builder's lender and hope I won't need to look elsewhere.


Starting Score: EFX 545, XPN 561, TU 539
Current Score: 4/3/14: 660 EFX (MyFico), 635 XPN , 680 TU
Closed on my new home 5/5/14!
Frequent Contributor
Posts: 266
Registered: ‎12-26-2013
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Re: Finally Scores Up...Loan App Submitted

Fingers crossed everything will work out fine
Contributor
Posts: 87
Registered: ‎07-25-2013
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Re: Finally Scores Up...Loan App Submitted

@Mrs_hambright  Thanks...you too!  I Inboxed you.


Starting Score: EFX 545, XPN 561, TU 539
Current Score: 4/3/14: 660 EFX (MyFico), 635 XPN , 680 TU
Closed on my new home 5/5/14!

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