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Here is the scoop!!!!

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jamevfan
Frequent Contributor

Here is the scoop!!!!

I went to the builder after a long 2-3 weeks and trying to contemplate whether of not we would put up earnest money, here's the situation. With my current scores Equi-660, Trans-563, Exp-599, the loan officer said that I would be given a pre approval once my middle score reached 600 or higher so the builder could start buidling and then I would have 4 months while builder builds to get my mid score up to 620, if for any reason my score isn't up to 620 by the time the builder is done the I loose my 1,000 earnest money and I will not be approved for a loan. do you think my scores will go up 21 pts in 4 months? I already opened up 3 lines of credit in Jan 2009 and have been paying with no lates and im just nervous, please help!!!
Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 1 of 13
12 REPLIES 12
teton
Regular Contributor

Re: Here is the scoop!!!!

I think this is a crap shoot and depends on how much you can afford to lose $1k. Why can't you wait a few months and see what happens with your scores?
Message 2 of 13
nathan
Frequent Contributor

Re: Here is the scoop!!!!

Predicting fico is like predicting when we will have the first snow fall this winter lol. You may very well loose that 1k because anything can happen in 4 mos to even lower your scores. I dont mean to be pessimistic, but i am saying from personal experience. My eq, for example, has been hovering between 659 and 661 for 15 mos.
Message 3 of 13
jamevfan
Frequent Contributor

Re: Here is the scoop!!!!

I was trying to get the 8,000 tax credit since it will take 4 months to build this is the last month to sign up with the builder, ugh I dont have to have the tax credit but it would be nice.
Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 4 of 13
jamevfan
Frequent Contributor

Re: Here is the scoop!!!!

Wll if you look at my current scores compared to what they were 2 months ago I dont really have but a small doubt that it wont take long for my middle score to go up 21 pts. plus im only 2 months into a 6 month credit repair and also I have very strong faith in God that whatever I ask him to do he will do, im just praying...but I understand what you are saying.Wish me luck~!
Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 5 of 13
Lel
Moderator Emeritus

Re: Here is the scoop!!!!

Ask yourself this: can you afford to lose $1000?

 

I recall from another thread you started that you said that this loan officer works for the builder.  I do not think this loan officer is necessarily working in your best interest.

 

This is a win-win situtation for the builder and loan officer.  Either you buy a house from them, or they get your $1000.

 

There is more to a mortgage approval that a FICO score.  Even if you do get your scores above 620, there is no guarantee that you will get a loan.  Remember, the lender, not the loan officer, makes the final decision about whether or not you get a loan.

Message 6 of 13
jamevfan
Frequent Contributor

Re: Here is the scoop!!!!

Well when I spoke with him he guaranteed he could get me approved once my score was above 620, but I am also new to all of this and desperate for a home. you have convinced me to wait.lol until I can get an approval and go from there.
Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 7 of 13
Anonymous
Not applicable

Re: Here is the scoop!!!!

yup the earnest money of a $1000 is a lot to lose. I was kinda scare when they asked me and hubby for a thousand dollars. after we told him no we wasn't putting up a thousand dollars cause things might fall through and we might not get our money back. he told us well just BRING ME A MONEY ORDER FOR $100!! and we did and we close on June 26 we went to  a builder also.

 

Everyone else that was coming in the office had there $1000 earnest money he just told us dont say anything lol and we didnt!  So ask if he can make an acception in your case?!...

Message 8 of 13
Lel
Moderator Emeritus

Re: Here is the scoop!!!!


jamevfan wrote:
Well when I spoke with him he guaranteed he could get me approved once my score was above 620, but I am also new to all of this and desperate for a home. you have convinced me to wait.lol until I can get an approval and go from there.

 

You know, I was just re-reading your other thread, and it seems clear to me that the LO is trying to take advantage of you.

 

Previously, you said that the LO said your scores were "good" but that your motorcycle repo and recent lates on your Conn's account were blocking approval.

 

Now, the LO is saying that your scores are NOT good enough yet, but if you get your scores up above 620 then you're "guaranteed" to be approved.  Well, what about that repo and Conn's account?  Are those suddenly non-factors?

 

There is no way that the LO can guarantee approval with a clear conscience.

 

You should consider getting a second opinion from a loan officer that isn't in the builder's back pocket.

 

Message 9 of 13
jamevfan
Frequent Contributor

Re: Here is the scoop!!!!

Well that was from another loan officer not the one im dealing with now, I was also told by the builder today that if for any reason the loan doesnt go through at this point they will keep the money for me in an escrow acct up to a yr so that i can use it at a later time. I feel better with that being said being that my scores are coming up continuously and fast also with the favor I have it's already done! Thanks for your time and comments, God Bless!

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 10 of 13
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