In Underwriting...PLEASE HELP ME MAKE SENSE OF THIS!!!

[Mike_B03]

Do they use the middle score like FHA loans? What is the minimum required?

[Anonymous]

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@Mike_B03 wrote:

Do they use the middle score like FHA loans? What is the minimum required?

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Yes, LO says middle score should be a 620.

[Anonymous]

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@tooleman694 wrote:

How are you going to explain to the UW why you cant pay the student loans but now you want a mortgage.

A deferrment is a big no no.

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My husband is blind. His disability is what allowed him to get an extension.

[Mike_B03]

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@Anonymous wrote:

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@Mike_B03 wrote:

Do they use the middle score like FHA loans? What is the minimum required?

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Yes, LO says middle score should be a 620.

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So close!

What other things contribute to his credit score? Any credit cards? What's the utilization? 

[tooleman694]

Sounds like a good story, hopefully the UW is cool with it.

[Anonymous]

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@Mike_B03 wrote:

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@Anonymous wrote:

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@Mike_B03 wrote:

Do they use the middle score like FHA loans? What is the minimum required?

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Yes, LO says middle score should be a 620.

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So close!

What other things contribute to his credit score? Any credit cards? What's the utilization? 

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DTI is on the higher end.. 44% with mortgage.. Yes CC's all paid on time... None over the limit..

[Mike_B03]

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@Anonymous wrote:

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@Mike_B03 wrote:

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@Anonymous wrote:

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@Mike_B03 wrote:

Do they use the middle score like FHA loans? What is the minimum required?

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Yes, LO says middle score should be a 620.

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So close!

What other things contribute to his credit score? Any credit cards? What's the utilization? 

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DTI is on the higher end.. 44% with mortgage.. Yes CC's all paid on time... None over the limit..

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I don't mean if they are over the limit, I mean what are the credit limits on all the credit cards and what is the balance on each.

[Anonymous]

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@Mike_B03 wrote:

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@Anonymous wrote:

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@Mike_B03 wrote:

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@Anonymous wrote:

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@Mike_B03 wrote:

Do they use the middle score like FHA loans? What is the minimum required?

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Yes, LO says middle score should be a 620.

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So close!

What other things contribute to his credit score? Any credit cards? What's the utilization? 

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DTI is on the higher end.. 44% with mortgage.. Yes CC's all paid on time... None over the limit..

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I don't mean if they are over the limit, I mean what are the credit limits on all the credit cards and what is the balance on each.

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Sorry... BestBuy- 1350/1500, Walmart 1200/2600, Torrid 530/810, CapOne 410/500, 650/800, Kay 1400/3200, Exxon 170/400, Paypal 200/700, GE Cap 1100/3000,  OldNavy 0/1400, CareCredit 0/500, HHGregg 0/1050, CreditOne 0/650, BBRZ 0/300, Target 0/300

[Mike_B03]

Whoa there! You're utilization is right about 40%! That is not good, you should be less than 30% at a minimum and under 10% really. Do you have any means of paying some of those cards down, especially the ones that are very close to the limit, like Best Buy and Cap One? Just getting the utilization down could give you the point boost you need. I would find out when all the cards report to the credit reporting agencies (usually it's 2-3 days after your statement date) and whatever is coming up soonest, pay those down as much as possible. 

What is your time frame? When are you supposed to close?

[Anonymous]

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@Mike_B03 wrote:

Whoa there! You're utilization is right about 40%! That is not good, you should be less than 30% at a minimum and under 10% really. Do you have any means of paying some of those cards down, especially the ones that are very close to the limit, like Best Buy and Cap One? Just getting the utilization down could give you the point boost you need. I would find out when all the cards report to the credit reporting agencies (usually it's 2-3 days after your statement date) and whatever is coming up soonest, pay those down as much as possible. 

What is your time frame? When are you supposed to close?

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Yeah... We were planning to pay some extra on both CapOne and BB before the statement cuts. We are not sure when closing is because its still at the Lender UW. The LO says to do this anyway. Since there is at least a 4 wk wait for USDA I think we have a little time. I am not even sure where we are in the process exactly..