No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi fellow ficoers
I am in the process of getting a pre-approval for a $250K mortgage in Connecticut.
I just applied with Wells Fargo (Lender FICO is 660).Since I started rebuilding my credit about a year ago, I did not get an automated approval (Already submitted all documents to an underwriter at WF). I am also intriged about going with a mortgage broker and a local bank (which could help me get a better rate and terms)
I am looking for a 30 year conventional or a FHA. I have read that Connecticut has several first-time buyers programs through CHFA ( Connecticut Housing Financial Autority).
I have about $15000 (which I would like to distribute for down payment and closing costs).
It is getting a little too overwhelming because everyday I read, I found something new.
Any specific advised about going with only one lender ? Any Connecticut members that can chip in on my quest or share their experience in the past year ?
Your help is appreciated. Any recommendations for brokers or lenders, feel free to PM me.
They should have shared with you why you didnt get the automated approval? What was it -
You wont get a better term shopping around but you may save some money and possibly get a better rate
It sounds like you are already working on a manual underwrite - but why? Is there something that can be fixed and get you that automated approval?
Not all banks will do a manual underwrite so being in a position where you can get the approval may open more doors
Brian
Thank you for your reply. I forgot to mention that I did not get an autoapproval due to past issues with my credit (which are for the most part resolved), except for an outstanding judgement from 3.5 years ago. I was told by the LO that I should get into a payment plan to address the judgement (either by paying it off or sending proof of a payment agreement). I am working on contacting the company that holds the judgement against me to work something out.
That is correct on the judgment, in almost all situations it'll either need to be on a payment plan or paid off.
CHFA DAP is a good program if you are eligible, as the interest rate on the DAP usually matches your 1st mortgage rate. The drawback is that there is a $200 application fee & you need to complete a homebuyer education class. You are also subjected to the recapture tax depending on how long you own your home.