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Help me prepare for Mortgage App

Valued Member

Re: Help me prepare for Mortgage App


seigex wrote:

spudbro wrote:

seigex wrote:

spudbro wrote:

seigex wrote:

spudbro wrote:

What doesn't make sense? I had auto loans and paid them off. I need a 720 FICO because I'm not trying to get a FHA loan for 417k, im wanting a jumbo mortagage and prefer to get this loan as oppose to have to pay cash. You are so focused on the amounts of the loan I paid off that you neglect to focus on the entire post My credit history is limited because 1.) I paid cash for most stuff and 2.) My business has grown significantly over the past 2 years.

 

If your interested in answering or helping with recommendations I'd appreciate it, if not then don't post.


great way to get help on a forum


ya when someone post in 2 diff  threads with the same trolling type comment I respond that way.

 


taking it a bit too personal/serious... but whatever floats your boat... as said on The Shark Tank... I'm out...


Considering you'll never be in a position of a "shark" in life you should enjoy that there are forums that exist for you to use this.

 


right.. and you can afford to pay off $209k worth of vehicles but are still getting 24% interest rate and are scared you won't be approved for a mortgage,.. what a winner


I got that rate with a 460 fico and now im at a 680. Also not scared to not get a mortgage please post where I stated that. I am interested in the long term aspects of having a mortgage on my credit and the benefits it would bring 5years down the road.. I can sit here and argue with you but not intereste any longer. You win.

Message 11 of 21
Established Contributor

Re: Help me prepare for Mortgage App


spudbro wrote:

seigex wrote:

spudbro wrote:

seigex wrote:

spudbro wrote:

seigex wrote:

spudbro wrote:

What doesn't make sense? I had auto loans and paid them off. I need a 720 FICO because I'm not trying to get a FHA loan for 417k, im wanting a jumbo mortagage and prefer to get this loan as oppose to have to pay cash. You are so focused on the amounts of the loan I paid off that you neglect to focus on the entire post My credit history is limited because 1.) I paid cash for most stuff and 2.) My business has grown significantly over the past 2 years.

 

If your interested in answering or helping with recommendations I'd appreciate it, if not then don't post.


great way to get help on a forum


ya when someone post in 2 diff  threads with the same trolling type comment I respond that way.

 


taking it a bit too personal/serious... but whatever floats your boat... as said on The Shark Tank... I'm out...


Considering you'll never be in a position of a "shark" in life you should enjoy that there are forums that exist for you to use this.

 


right.. and you can afford to pay off $209k worth of vehicles but are still getting 24% interest rate and are scared you won't be approved for a mortgage,.. what a winner


I got that rate with a 460 fico and now im at a 680. Also not scared to not get a mortgage please post where I stated that. I am interested in the long term aspects of having a mortgage on my credit and the benefits it would bring 5years down the road.. I can sit here and argue with you but not intereste any longer. You win.


sorry wasn't interested in reading your post so guess I missed the mark.... 

Message 12 of 21
New Contributor

Re: Help me prepare for Mortgage App

+1

Message 13 of 21
Valued Contributor

Re: Help me prepare for Mortgage App

If you are at a 680 with low CC util, I think you will need to hang out for 1 to 2 years to get over a 720. It just takes time.

 

Easy to get to 680, hard to get above it without time.

 

The only thing I would suggest if you really want to buy a home sooner, I would cash out your cars and us it as down payment to not go Jumbo if that is possible. Then go and buy a couple more cars =)

 

 

Message 14 of 21
Valued Member

Re: Help me prepare for Mortgage App

There are hard money lenders out there if you put maybe 50% down with last 2 years of tax returns.... Your chances would be high getting approved for a conventional.


Starting Score: 660
Current Score: Gardening Mode! as of 8/25
Goal Score: 725+


Take the FICO Fitness Challenge

Gardening .....
Message 15 of 21
Moderator Emeritus

Re: Help me prepare for Mortgage App

Starting to get back on topic, just a reminder from your friendly neighborhood Mod.   Play Nice!!!!   Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 16 of 21
Moderator Emeritus

Re: Help me prepare for Mortgage App

Ditto...play nice.

 

On the topic of OP's org. post, I'd do the following:

 

1) I would not apply before July of next year. The accounts are too new and you'll see steady gains as they reach and hit the one-year mark. And I'd be sure to not apply for anything at all before then. Waiting might add an extra 10-20+ pts between now and then.

 

2) Increasing your CLs will not increase your FICO score if you are paying your cards off. I'd skip that.

 

3) Your auto loans are factored into AAoA. I'd let it be.

 

4) What's the open date on the Amex? Amex backdates and if your friend had an Amex before, then there's an outside chance it shows an older date. If not, you can dispute as "not mine" since it isn't yours.

 

5) I'd stop GWing Chase. Further attempts might work (they are open to GWs...no so much via the exec route), but there's an outside chance they'll delete. You need that history. FICO largely stops scoring 30 day-lates after 2 years.

 

6) Opt out from all 3 CRAs.

 

7) If self-employed, make sure you pay yourself a salary. I don't know your biz structure, but lenders will look at the net income only on your 1040. If you are claiming a herd of deductions, then that can hurt if not on salary.

 

8) Make sure you clearly separate biz expenses away from any personal expenses via your bank accts.

Message 17 of 21
Valued Member

Re: Help me prepare for Mortgage App

 

Starting Score: 660
Current Score: Gardening Mode! as of 8/25
Goal Score: 725+


Take the FICO Fitness Challenge

Gardening .....
Message 18 of 21
Valued Member

Re: Help me prepare for Mortgage App


llecs wrote:

Ditto...play nice.

 

On the topic of OP's org. post, I'd do the following:

 

1) I would not apply before July of next year. The accounts are too new and you'll see steady gains as they reach and hit the one-year mark. And I'd be sure to not apply for anything at all before then. Waiting might add an extra 10-20+ pts between now and then.

 

I actually decided to go with a hard money type loan I found and was approved pretty easily. I have to put 35% down but at least it get's me in the house I love and I will be able to get the mortgage I'm looking for MID to next year. I app'd for an AMEX gold rewards card today and was approved as well as a chase preffered and was approved for a 5k limit. I'd rather take the app hit now and in 6-12 months from today I'm sure it will rebound.

 

2) Increasing your CLs will not increase your FICO score if you are paying your cards off. I'd skip that.

 

Okay. Ty for the tip

 

3) Your auto loans are factored into AAoA. I'd let it be.

 

4) What's the open date on the Amex? Amex backdates and if your friend had an Amex before, then there's an outside chance it shows an older date. If not, you can dispute as "not mine" since it isn't yours.

 

Open date is 06-2012 and he didn't have an AMEX prior so I disputed today to have it removed.

 

5) I'd stop GWing Chase. Further attempts might work (they are open to GWs...no so much via the exec route), but there's an outside chance they'll delete. You need that history. FICO largely stops scoring 30 day-lates after 2 years.

 

Okay I will just let this be.

 

6) Opt out from all 3 CRAs.

 

What does this do?

 

7) If self-employed, make sure you pay yourself a salary. I don't know your biz structure, but lenders will look at the net income only on your 1040. If you are claiming a herd of deductions, then that can hurt if not on salary.

 

I'm self employed and definitely learned this after filing my taxes last year and writing everything possible off. I now have myself on a salary this year plus my 1040.

 

8) Make sure you clearly separate biz expenses away from any personal expenses via your bank accts. I definitely do this.

 

Thanks for the help!


 

Message 19 of 21
Valued Member

Re: Help me prepare for Mortgage App


turion65x wrote:

There are hard money lenders out there if you put maybe 50% down with last 2 years of tax returns.... Your chances would be high getting approved for a conventional.


I actually went this route for now and the approval process was really simple and I got approved with 35% down.

 

Message 20 of 21