In House Underwrite question

[CreditWarrior21]

Hi all,

Thanks for everyones support!

Today, my husband and I went back to a builder we've been considering for about 2 weeks. As noted from my previous posts, my mortgage fico sits at 617 currently. I need 3 points for that 620..

I spoke honestly with him about the potential complication of being under 620 but told him I should be above 620 within 30 days as I am paying down my utilization at the end of the month.

Here's the deal- yearly income is 170K.

I have 26K car loan

I have 17K winnebago note

and 66K in student loans.

6K in CC debt

He mentioned that the in-house broker and underwriter may not have an issue with the 617 for preapproval as the long term build will be 9 months which will allow me more time to get up to the 640+ range. He is asking for an 8K check to hold the lot (which I can bring by tomorrow) and then I can fill out the pre-approval app.

Has anyone had any luck with this sort of thing? An in-house broker and underwriter approving below the 620 due to the time to build? Home price is 600K and we plan on putting down 60K.

Thanks for the advice!

Stephanie

[Sbrooks1]

Get your scores up first so you don't head for heartbreak. They tell us what we want to hear!!

[CreditWarrior21]

That's why I was mentioning my dillema to the sales rep before applying for pre-approval.

He mentioned he's seen worse than that get pre-approval.. That's why I figured I'd ask the experts here.

I was wondering if because the broker and underwriter are in same house if they had a little more flexibility in approving before te 9 month build.

[CreditWarrior21]

Bump.

[Anonymous]

Utilization is the quickest way to typically boost your scores. You stated that you had 6k in credit card debt. Can you state your balances and limits? It may make sense to pay these down and wait for them all to report. This could give you the boost that you need to get above that 620 depending on what your overall utilization is.

[DallasLoanGuy]

i have issued pre-approvals in situations like this.

but i get permission from the borrower to share the details with the builder. it is only fair.

besides. you have options of finding another lender who will go down to 580 or something

[CreditWarrior21]

Thank you for the responses- yes on Feb 28 I will lower my utilization to below 30%... yay! That should push me over 620. Hopefully..

And DallasLoanGuy- that is great advice- and I was very upfront with the builder, and thankfully the sales rep has been super understanding and is actually calling around to see about this getting underwritten- knowing my score will raise in the next 30 days and beyond.

Cross your fingers for me! Worst case scenario, I apply again in 30-45 days when my CS reflects better utilization. That would be a shame though- because like most house builders, my house will have gone up 6K in base price at that point.