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Established Member
bkadams64
Posts: 24
Registered: ‎02-03-2008

Re: First Time Homebuyers...do we qualify?

I live in Houston also and I am getting ready to apply for my home loan. I was preapproved in December but I know that I needed to raise my scores up to get a good rate. I have raised my score on EQ up from 483 to 602. The thing is I am waiting for the SPCO Credit bureau to report my account to Trans and Experian. I am so scared that the score won't be good enough when they finish adding the account. We close in June and it's getting close to the time of locking in. Could somebody help me!!! I'm getting scared!!!! With Trans and EXP, they are 543 and 581. Now Trans have not changed since Feb. Do you think that the account being added will help my score in time. The account have been open for 24 months and we only owe $96.00 on it. Never late.
01/25/2008 TU501,EQ437,EX509
03/21/2008 TU543.EQ602,EX586
Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: First Time Homebuyers...do we qualify?

bkadams, start a thread on this in Understanding FICO Scoring. You will get some good responses to your questions. Add a little more detail about the TL if you could, as well as your over CH (ie. revolving? CL, etc.). GL
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Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
jpalacios161
Posts: 31
Registered: ‎03-30-2008

Re: First Time Homebuyers...do we qualify?

Well judgement paid off and removed and took care of one that was reporting ugly and paid everything off and scores are now 602 but lender still only wants to get us into $92k. Says that amount is from the computer automatically saying yes and doesn't want to try manually because if they say no then they can't loan us anything at all. What do you suggest..Shane?
Super Contributor
DallasLoanGuy
Posts: 5,958
Registered: ‎07-03-2007

Re: First Time Homebuyers...do we qualify?

You need to do the manual underwrite if you need more....
You can always go to a different lender if you need to fall back on the $92K
 
Curious.... did they tell you what you needed to do to get approved for more? Maybe a couple of more % down or more reserves?
 



* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Member
jpalacios161
Posts: 31
Registered: ‎03-30-2008

Re: First Time Homebuyers...do we qualify?

No they said there is nothing more to do. It's the 2 vehicles @ $1100 month

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