We are about to close in about a month on a home we are buidling. We got pre approved with conditions. One of them being I needed to get my mid score up 6 points to 620. (my husband had his already at 620) This was in Feburary of this year. Since then I had two collections hit my husband's and I credit and our scores dropped!. Now three months later our scores our increasing BUT not yet where they need to be when we close. My mid score 605, my husband 610. I have been working on increasing our points and feel good about giving it another month to increase our scores even more. The lender pulled our credit yesterday to lock in rate. I saw an inquiry alert this morning. They havent reached out to us yet. Im sure they will soon. Im not familar with what will happen. We are first time home buyers.
Can anyone tell me what most likely will happen?
Will they say "forget it and stop the process and not let us (TRY) to close in a month?
Can they even lock in a rate with our scores not where they need to be?
Thank you!
