04-11-2013 09:39 PM
04-12-2013 05:40 AM
Depending on the LO and the lender, I'd say you have a decent chance, my experience with Wells Fargo however, was not so great, you might try Prospect Mortgage or a broker. Underwriters like to see downpayment funds saved up over time. Default rates are much higher when the buyer lacks emotionaly attachment to the funds, such as when they are a gift.
Your lowest hanging fruit in terms of getting your scores up even further, is to lower your utilization ratio as much as you can. Less than 20% is a good target. Try and get those collections removed entirely. Try writing goodwill letters to your student loan companies and the collection company you paid off. Also try offering to pay for delete on the other collection. Make sure you indicate that they are not a dispute, because if you have open disputes, you'll automatically be declined for an FHA backed loan.
04-12-2013 07:16 AM
The gift was actually 3k... I already had $2600 in my acct already. In the last 2 months I've had 6+K in my checking account. The application is being sent to the processor. Should i call the collections agency and attempt to clear it off? Do you think its too late?
04-12-2013 04:40 PM
if the lender recorded the denial with hud, another lender might have a hard time doing this.
to prevent 'lender shopping' hud says that one fha underwriter cannot overrule another fha underwriter.
if there was a material change to the file, then they CAN overrule.
you need to ask your lender if you can withdraw the loan or if they can just suspend the file and not record the denial.
04-12-2013 06:11 PM
04-12-2013 08:39 PM
you look ok to me
04-17-2013 02:45 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.