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Registered: ‎02-06-2012
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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!! 

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Posts: 491
Registered: ‎02-06-2012
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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


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Established Contributor
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Registered: ‎02-07-2011
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Re: Getting to 620...

[ Edited ]

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
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!!)
Frequent Contributor
Posts: 491
Registered: ‎02-06-2012
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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

Frequent Contributor
Posts: 491
Registered: ‎02-06-2012
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Re: Getting to 620...

You got this!!! :smileyhappy:

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

New Contributor
Posts: 75
Registered: ‎02-06-2012
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Re: Getting to 620...

Can't wait ti hear how things are going! :smileyhappy:

Established Contributor
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Registered: ‎02-07-2011
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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? :smileyhappy:

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
Posts: 3,065
Registered: ‎11-02-2009
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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? :smileyhappy:



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


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Posts: 491
Registered: ‎02-06-2012
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Re: Getting to 620...

MB, any news?? :smileyhappy:

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

Established Contributor
Posts: 945
Registered: ‎02-07-2011
0

Re: Getting to 620...

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

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!!)

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