I worked so hard and finally got a mid score of 630 - I app'd with boa and Wells Fargo whom I have a relationship with both and got denied ! I was under impression Wells Fargo would go down to a 620 or lower. Anyone get approved with a direct lender with that score that could pm me - also I have a payment plan for student loans and a old charge off settled but not reporting - can I get approved with that not yet reporting and only the letter ? Thanks as this forum has been what's got me this far 
and I appreciate all of you
and I appreciate all of you
I would suggest trying a local credit union if you have that option. I actually called them them first to ask what the minimum FICO score for USDA loans was before I wasted a HP. I knew my DW's scores were going to be borderline for a 640 minimum, but the stated minimum for the credit union for USDA loans was 620. This allowed me to apply with confidence.
We have made it through underwriting and have a conditional approval that didn't ask for anything credit related other than explaining recent inquiries, which is standard from what I can tell. If you have this option, I would suggest trying there. If not, my next suggestion would be a broker based on feedback that I have received from others.
Thank you sooo much and sorry so late for responding- i didnt get any notifications even though i picked for a email- either way Im in CT so i believe most of them didnt work with CT- not sure about polonia but i will look into it
I found a place that does 620 and im currently in u/w BUT im not feeling confident and wanted to have multiple choices but i now have missed my 30 day window and am afraid to do another inquiry
@dizdat103 wrote:I'd suggest looking into BB&T's CHIP program. I also was working hard to get my middle score up to a 620 so I could qualify. Just received my prequal letter and secured a realtor. Only took them about a day to get back with me. It's pretty similar to an FHA loan, but without the PMI. PM if you need more info!
I would like to know about the CHIP program. I am stuck with a FHA due to a foreclosure that is not quite 5 years old yet only 4. the PMI is a killer and affects the amount of the house I can afford. my scores and rest of my file is fine for conventional. If i am stuck with FHA I will be refinancing within a year.
I was denied FHA by a big bank even though my mid score was 632.... no collections, low cc utilization, car almost paid off. I decided to go to a broker and my loan is moving smoothly with minimal conditions being requested. I feel like big banks do not have your interest in mind nor are the loan officers required to be licensed. I feel like my broker is working for ME and guess what! If I don't get my loan he doesn't get paid! He doesn't want all of his work to be in vain with no reward, so they will tell you any concerns up front and also if they think they can get the deal done. I don't mind paying the extra money for a broker who is also acting as my advocate.
Starting Score: 537 (6/2011)@Congrats @WINNING congrats !! what is the bank that you went through?
@WINNING wrote:I was denied FHA by a big bank even though my mid score was 632.... no collections, low cc utilization, car almost paid off. I decided to go to a broker and my loan is moving smoothly with minimal conditions being requested. I feel like big banks do not have your interest in mind nor are the loan officers required to be licensed. I feel like my broker is working for ME and guess what! If I don't get my loan he doesn't get paid! He doesn't want all of his work to be in vain with no reward, so they will tell you any concerns up front and also if they think they can get the deal done. I don't mind paying the extra money for a broker who is also acting as my advocate.