11-20-2012 07:22 AM
Because the builders LO probably can't get an approval with a 600 score.
They need to work with Wells to get that done. I would think Wells could get this done very quickly.
11-20-2012 07:23 AM
11-20-2012 07:30 AM
11-20-2012 07:37 AM
Pre-Approval is when they run you thru the DU system and it says yes or no. takes just a few minutes.
But if you were in the 400s there is no way you would have made it thru DU, even at 600 you will probably not make it thru their DU system.
Wells should be able to get you pre-approval this morning and send you a doc to show the builder.
11-20-2012 07:40 AM
11-27-2012 06:59 AM
11-27-2012 08:48 AM
Earnest monies are different....we were required to plunk down $1k, but had to have an additional $4k within so many days. Hiring a realtor is your BEST bet. Going through the sales *help* can be a P I T A ! ! !
11-27-2012 08:53 AM
OP: This is all a learning process. If you don't get this house, there will be a better deal around the corner. Your time for homeownership WILL COME! Buying or selling a home can be SO EMOTIONAL, it's one of the most difficult things you will ever live through. When it's finished and you have the keys, it will be worth it. Stay strong.
If you do get your pre-approval, I'd use it as a bargaining tool to land yourself either a better deal, or more upgrades at a discount or builder cost. Contact the home office or have your realtor get her bat out, lol. Make this WORK for you!!!!!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.