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Getting to 620...

Frequent Contributor

Re: Getting to 620...

MB, any updates?  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 81 of 212
Established Contributor

Re: Getting to 620...

Thanks for asking Catacam!

 

Nope, no updates yet. ALL of the requested documents to satisfy our conditions have been sent. As of last Friday, the processor was going through all of it (admittedly, there is a lot) and was then going to then send everything back to the UW for a final sign-off. I haven't heard anything since then, but I assume they're probably with the UW now. We should hear back in the next day or two. Our LO has been out of town for the last few days and gets back tomorrow, so I've been trying to be really patient and just wait for him to return before I start asking for status updates.

 

I am in a sort of weird emotional state right now. We have a conditional approval and all of the conditions are things we could easily provide documentation to satisfy, so.... part of me feels pretty good and optimistic Smiley Happy However, the other part of me feels like something is going to go wrong. Luck has not been on our side through the house-building and mortgage approval-attaining process, so I feel like something bad is going to happen and it's not going to work out. Smiley Sad

 

BUT, I'm trying really hard to stay positive and optimistic!!

 

Does anyone know how common it is for applicants to not pass the final UW phase when there has been a conditional approval, even when they are able to provide documentation that, on the surface, will satisfy the conditions? Our conditions varied pretty widely from simply proving facts (e.g. proving that my student loans are not federally insured) to explaining things that felt were problematic (e.g. our recent use of an ODP account). On paper, all of the conditions were very satisfiable, but I'm wondering how common it is for am UW to determine that, even with documentation, they aren't comfortable with a condition. Anyone know??

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 82 of 212
Frequent Contributor

Re: Getting to 620...

Anything new?? 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 83 of 212
Established Contributor

Re: Getting to 620...

No, our LO is back in the office today (after being out for 4 days), but I haven't heard from him yet. And the last time I spoke with anyone from our lender was Friday (spoke with LO's boss)... is it rude to email our LO asking for a status update? We're just weeks away from buying a home and don't have an officially approved mortgage loan yet, so I feel like I need to know the current status!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 84 of 212
Frequent Contributor

Re: Getting to 620...

I talk to my LO at least 3 times a day!!! Smiley Happy Bug them!!

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 85 of 212
Contributor

Re: Getting to 620...

When I first met with mine, I specifically told him that I planned on bugging him and he said he is used to it, and that he has people who will call/email him literally every hour. He said he is used to it and to call him whenever I wanted.

 

So to answer your question, no, I don't think it is rude to email him. Not at all!!

 

Now go bug him so we can have some updates! Smiley Embarassed

Message 86 of 212
Frequent Contributor

Re: Getting to 620...

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 87 of 212
Established Contributor

Re: Getting to 620...

UPDATE:

 

Yay, we have our GFE and interest rate now!! We're still waiting on the UW to review all of the documents we provided to satisfy the conditions, but I feel like that's on track and we will hear from them with news on the official approval soon, hopefully in the next day or two!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 88 of 212
Frequent Contributor

Re: Getting to 620...

Whoooo hoooo!!!!! What rate did you get?

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 89 of 212
Established Contributor

Re: Getting to 620...

Our rate is 4.25%... I wish it were lower, but that's just what you get with sub-620 scores and waiting wouldn't have done us any good because my SLs are going to hold my scores down for years, so if we want a house anytime soon, 4.25 % it is!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 90 of 212