Heart Pounding! Waiting on preapproval from UW

[tirado126]

Hi Everyone,

I just put in my app to Coldwell Banker after hearing from other people on the forum they work with people under 620 - my midscore came up as a 610 and now it's all in the UW hands of giving me the preapproval for a $200k loan at 3.75%. The two things i'm worried about are the charge off reposessions of my cars one back in 2004 and the other in 2011.

Cross fingers for me please!!! I thank the forum for helping me raise my scores and i know i should wait for the 640, but with an 8 month old baby and another one on the way in July, I'm hoping to get my family in a home this summer.

Thanks

[Booner72]

Good Luck to you. Remember, preapprovals are not a guarantee of approval. You won't have that until the underwriter gets your file, and that is the last thing that happens before you go to title.

If there is anything you can do to get your scores up to AT LEAST 620, you should do it. I know how it feels to die for a house, but you will have this loan for a very long time, and it will save you thousands of dollars to get up to 640 on interest - even a 620 score will give you a higher interest rate. (At least that is what I've read here and was told when we were buying).

I'm not sure how long you've been rebuilding your credit, but maybe it's just too soon.

I used to live on this forum, and I only know of one person who got a loan under 620, and she worked for the bank. I hate to give you words you do not want to hear, but it's better to face reality than be disappointed after you fall in love with a house and have months of sleepless nights.

GOOD LUCK!

[tirado126]

Thank you Booner for the input. I do need to hear blunt honesty at this point, not really looking for anyone to sugarcoat my situation. I've been seriously rebuilding for 4 months now. I was hoping to at least get the preapproval for now to start looking for home with a realtor and possibly in the 1 - 3 month search, have my score increase to the 620 and get another quote before putting in an offer.

I'm shooting big here, but I'm hoping its a start.

[foofighter74]

Good luck! I hope it works out for you!!

[tirado126]

so bummed - GOT DENIED! All this time i thought it'd be the repo's that would get me, but it's a collection medical bill that posted last July 2012 (even though i paid it off), it still shows on EQ and EX and FHA doesn't like to see anything negative in the past 12 months...looks like i'll be gardening until August to reapply again. Of course, I'll try to get it deleted til lthen, and also 2 Midland accounts that i've paid as well...wish me luck.

At least this process lets me know where i stand now and what i have to do. Thanks everyone.

[Booner72]

I think it was a good idea to see where you are. Be sure to get a copy of the credit reports they saw so you have all that information.