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Getting to 620...

New Contributor

Re: Getting to 620...

MBOhio2: Just out of curiosity, how much reserves do they want? Do you know what kind of downpayment you'll be looking at? I'm curious because our mid score was 587 a couple of weeks ago. We just paid utilization down to about 8% so I'm hoping it gives us a significant boost in score so that we can go with our original bank (they're giving us down payment assistance). However...if it doesn't work out, we might need look into First Guaranty. We have approximately $8,000 in savings right now...but I'd really rather not use all of that!! 

Message 51 of 212
Frequent Contributor

Re: Getting to 620...

They are looking for reserves?? I haven't heard about that for an FHA loan. I thought FHA didn't require it?

 

I am so glad it is working out for you!!! You got this girl!!  And how long did they say the UW process will be?

 

Positivity heading your way!!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 52 of 212
Established Contributor

Re: Getting to 620...

zamiller & catacam - The LO didn't say that reserves would be required for sure or, if they were, exactly how much reserves they would require. I asked the LO point-blank "after reviewing our credit report and documentation, is there anything that concerns you?".... and his response was "The only think I can see that might be an issue is your lack of reserves, but we'll see what the UW says." So the reserves may be a non-issue or the UW could come back and say that a certain amount will be required for closing.

 

I've heard that UWs sometimes want between 3-6 months of housing payments in reserves, so I would guess it would be somewhere in that range. Since we're building, we've already paid a good chunk in deposits, which will go toward our downpayment and already meets the 3.5% minimum.

 

The UW process is suppossed to take about 2 business days, so since our file went to the UW on Friday, we expect to hear back on Monday or Tuesday.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 53 of 212
Frequent Contributor

Re: Getting to 620...

Fingers crossed you hear soon!!! Please Please keep us updated... I am still at the edge of my seat!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 54 of 212
Frequent Contributor

Re: Getting to 620...

You got this!!! Smiley Happy

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 55 of 212
New Contributor

Re: Getting to 620...

Can't wait ti hear how things are going! Smiley Happy

Message 56 of 212
Established Contributor

Re: Getting to 620...

Still waiting to hear back from our LO about UW.... he said we would hear back today, so I'm trying to determine what time it becomes appropriate for me to email him to follow-up? 4:30pm maybe? Smiley Happy

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 57 of 212
Senior Contributor

Re: Getting to 620...


MBOhio2 wrote:

Still waiting to hear back from our LO about UW.... he said we would hear back today, so I'm trying to determine what time it becomes appropriate for me to email him to follow-up? 4:30pm maybe? Smiley Happy



I know what this is like.  I keep harassing my agent and LO for status updates.  I'm sure we're not the first ones and won't be the last ones.  Good luck.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 58 of 212
Frequent Contributor

Re: Getting to 620...

MB, any news?? Smiley Happy

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 59 of 212
Established Contributor

Re: Getting to 620...

No!!! An entire hour and 20 minutes has passed with no reply from my LO... ahhh!! Smiley Frustrated

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 60 of 212