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Getting to 620...

Frequent Contributor

Re: Getting to 620...

Call them!! lol  The suspense is killing me too!

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

Re: Getting to 620...

I have to give our LO credit, he has been very responsive so far so I believe that if he has not emailed or called yet, then he doesn't have an answer yet. This. is. killing. me.

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

Re: Getting to 620...

I am not looking forward to the waiting game at all. It must be brutal!

Established Contributor

Re: Getting to 620...

UPDATE:

 

Our First Guaranty LO called a little after 7pm last night to tell us that the UW was able to give us a conditional approval, yay!!! Our LO and I talked through the conditions and we should be able to satisfy all of them, so things are looking pretty good.

 

I am working through the conditions list now and sending over lots of additional documents, a few LOEs, etc and then once I send those and our LO has reviewed and comfirmed they are good, I will feel much better. The sense of relief I'm feeling right now is unimaginable, but I am also still really aprehensive. After everything we've been though on this mortgage journey, I don't think I'll feel completely relieved and happy until the closing is done and the keys are in my hand!

 

After we are able to satisfy the less-routine conditions and I've talked to our LO, I'll provide another update to confirm that we're still on track.

 

PS - First Guaranty has been really awesome to work with. I really, really like our LO so far 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)
Blogger

Re: Getting to 620...

Very, very nice.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor

Re: Getting to 620...

Congrats!


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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Frequent Contributor

Re: Getting to 620...

Whoo Hoooo!!! See, I knew it!! You got this!!!

 

Do you mind sharing what the conditions are and do they give you an idea of how long it will take to get a clear to close??

 

So happy and excited for you!!!

 

We are still waiting on our Rapid Rescore results (ordered on the 20th). Apparently, CBIS or whatever they are called that pulls the trimerge, needed a copy of my soc card and drivers license, which was sent yesterday, so hopefully, we will hear today!!! This waiting game is teaching me patience for sure!! 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


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Established Contributor

Re: Getting to 620...

I am happy to share the conditions, but I'm not sure they will be very helpful because they are pretty specific to our situation:

 

Most of the conditions are pretty routine and won't be a problem at all. These include providing the most recent pay stubs prior to closing, providing the most recent bank statements prior to closing, providing a copy of our DL and SS cards, verification of rent, appraisal, no deterioration in credit profile, etc.

 

The ones that are very unique to us are as follows:

 

- In an attempt to raise our scores to 620, we totally drained our savings and put every extra $1 we had toward paying off a LOC to lower our utilization. Unfortunately, we were not able to get to 620 and now we have little savings and we haven't saved anything new in the last 2 months. One of the conditions is to provide about 6 months of bank statements showing that, prior to the 620/LOC fiasco during the last 2 months, we had a strong savings pattern. Fortunately, this is totally true and our bank statements do show this, so my fingers are crossed that this will not be an issue.

 

- We have a CC that is linked to our bank account for ODP and we have a bad habit of allowing money to roll over (the goal here was to keep as little in checking as possible so we're not tempted to over-spend, but that doesn't always work out!). When the ODPs happen, it's not because we don't have the money, it's simply because our money is in our savings account instead of in our checking account. When an ODP happens, we always pay off the CC immediately. One of the conditions is to show that the CC has a $0 balance (it does) and write a LOE explaining why we are so ODP-happy. I am a little worried about this because I'm afraid it makes us look irresponsible, but it's not that we don't have the money and the reason the ODP even happenned is because I was trying to control spending!

 

- Since I have 11 outstanding charged-off student loans (since defaulting, I have entered into payment plans so I do make monthly payments on them now), I have to provide documentation showing that these loans are not federal because FHA is obviously a federal program and cannot approve us if we have other outstanding defaulted fedneral debt. Fortunately, the loans are private and I have evidence of this, so it should be a non-issue.

 

Has anyone ever had similar conditions and can share thier experience?

 

I have no idea about how long it will take to get the clear to close. Since I just received te conditions last night, I have been frantically working through them and then plan to call my LO this afternoon to discuss with him. Our house is still being finished though and we don't have our final walk-through until March 15th so we still have some time before we can close anyway.

 

Fingers crossed that you get your RR results soon!

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

Re: Getting to 620...


MBOhio2 wrote:

 

- We have a CC that is linked to our bank account for ODP and we have a bad habit of allowing money to roll over (the goal here was to keep as little in checking as possible so we're not tempted to over-spend, but that doesn't always work out!). When the ODPs happen, it's not because we don't have the money, it's simply because our money is in our savings account instead of in our checking account. When an ODP happens, we always pay off the CC immediately. One of the conditions is to show that the CC has a $0 balance (it does) and write a LOE explaining why we are so ODP-happy. I am a little worried about this because I'm afraid it makes us look irresponsible, but it's not that we don't have the money and the reason the ODP even happenned is because I was trying to control spending!

 



Are you getting charged for being set up like that?

I know sometimes an account pulling for ODP will charge per transfer.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Frequent Contributor

Re: Getting to 620...

Those conditions don't seem to be any different than what may be asked for on a regular loan, so that is great!!!!  Keep us posted!!

 

Thanks for the good luck on our end! The waiting is terrible!

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