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Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Sub-620 FHA with BOA?

MarineVietVet - thanks for clarifying!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Sub-620 FHA with BOA?

MBOHIO:  The AU account was my dad's - My maiden name is on my reports, so I thought it would work - it never reported.

 

Keeping fingers crossed for you!!

 

I was shooting for 640, but would have done the loan at 620.  At the time, as you read, I didn't even have the 620.  It was until YESTERDAY that I finally got my EQ score up to 642 BTW.  But take into account that I added a ton of new credit since buying the house.  TU saved the day for me and I hope one comes through for you!

 

If you balances are all zero'd out except one, then i think you should be there.  Student loans suck!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Super Contributor
CS800
Posts: 6,546
Registered: ‎04-07-2008

Re: Sub-620 FHA with BOA?


boomhower wrote:

DallasLoanGuy wrote:

i heard wells fargo would go even lower......

 

worth a shot

 


They will technically go to 580 but the downpayment is higher and I've only read of a couple cases where anything close to that low actually went through.


+ 1. Down payment higher. That's what happened for me.




Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Sub-620 FHA with BOA?

[ Edited ]

CS800 - What downpayment % is required? I read on another website that for scores between 580-619, WF requires a minimum downpayment of 5% - is that what you were told?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Sub-620 FHA with BOA?

Booner - Thanks again for the info! Yes, student loans totally suck! Though I shouldn't complain too much because I am happy with my degrees and love my job, just wish my SL lenders would have been more flexible and allowed me to avoid this mess in the first place! Anyway, I REALLY want to avoid having to even think about messing with an AU, but I suppose it could be a last resprt plan if we get desperate.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Sub-620 FHA with BOA?

[ Edited ]

UPDATE:

 

So I pulled both my TU and EQ yesterday from here on myfico.com. To my surprise, my TU went up from 628 to 641, but my EQ did not budge and is still sitting at 601.

 

I'm hesitant to be too excited about the TU increase because I feel like some additional dispute comments are what's raising my score, not any legit improvements. Since I last pulled my TU score on Feb 2nd, the following 2 things have happened:

 

1) I paid more $ toward the LOC so my overall utilization went from 24% to 22%

 

2) 2 accounts that used to say “Account information disputed by consumer” now say “Dispute resolved reported by grantor” and 3 other accounts that had no comments now also say “Dispute resolved reported by grantor”

 

From what I understand, the comment of “Dispute resolved reported by grantor” indicates that there is no longer an active dispute (i.e. there was one, but it's now resolved). However, I feel like the jump from 628 to 641 was just too big to be caused by such a small decrease in utilization, so the disputes must be affecting my score.

 

The head UW at my current lender reviewed our credit reports when we first applied for pre-approval (I wanted to make sure he saw my student loan issues before giving us pre-approval) and this is what he said:

 

"You have several accounts that are shown as disputed. All disputed accounts must reflect as resolved, 0 balance or be under $500 and over 2 years old. These accounts don't meet any of those so they'll need to meet this FHA requirement before we close."

 

Based on the above, do you think the comments of “Dispute resolved reported by grantor” satisfy what the UW is saying is required?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Established Contributor
MBOhio2
Posts: 946
Registered: ‎02-07-2011

Re: Sub-620 FHA with BOA?

[ Edited ]

ANOTHER UPDATE:

 

I was able to have TU completely remove the dispute comments so that even the new “Dispute resolved reported by grantor” is now completely gone (I had a letter from the creditor saying they were removing the comments, so TU was willing to immediately delete). That's great news because now I don't have to worry if the new comments will be acceptable to the UW because they are gone now. Even better, I pulled a new report and with the comments gone, my score stayed at 641, so it looks like the increase was legit, YAY!!

 

I am SOOO hoping that since TU98 is increasing so much, TU04 will be too!!

 

NEXT ACTIONS:

 

1) My one CC that reported a balance of $15 last month now has a $0 balance and closes today, so it will be reporting the $0 balance to the CRAs within the next few days (by Feb 14th). This will make it so that all of my revolving accounts, except one (the LOC), will have a true $0 balance.

 

2) We are paying another lump sum to the LOC next Wednesday that will take my overall utilization from the current 22% down to 16% (under 20%!!) and then that lower balance should report a few days later (by Feb 20th).

 

I will let everyone know if the above two changes have any impact on my score because as soon as both updated balances are reported, we're going to have our LO pull my scores again!! (approx Feb 21st)

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012

Re: Sub-620 FHA with BOA?

This has been such an intense read! I'm really pulling for you!

New Contributor
kwesi
Posts: 70
Registered: ‎11-29-2011

Re: Getting to 620...

is your student loan with AES? if so i can help u with that, that was happening to me also before I found what to do..

Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010

Re: Getting to 620...

great thread thanks for keeping us posted i,'m also trying to get to a 620
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:

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