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will it approve with him on there?
sounds like the lender's pmi company goes down to 640
some pmi companies go down to 620
i have done 620 deals with 5% down.
She said that we should be able to approve by paying off our 3 combined CC, and to add him as an AU on my 2 oldest CC with low limits. He only needed 15 points or so.
She says not worried about collection accounts. he has 9 all medical total of $2300
She seemed very positive. We have 5% down but wanted to be more. I do not want to go FHA to pay the PMI for the life of the loan.
That is a waste of money especially if I can take care of debt in order not to have to pay that.
LO should have access to score simulator. Might not have to pay them ALL OFF. Any amount pd will raise score a lot though
Your LO will be able to give you the best advice though since they are looking at the report.
she sent me, our credit reports.
this is so confusing for sure.
the top page was our scores and then + points for immediate improvment scores.
she said did not need much.
I did tell her we would work on our credit for a few months and then try again. Gives me time to build and pay off debt.
How much actual money would I need for a $200,000 conventional loan? (min $ in savings/checking)
no reserves required. just down payment and closing costs. <= which can run 3 - 5%
some closing costs can be paid by seller. but in a hot market you will find it hard to find a seller willing to help with that
also. premium pricing can cover a few costs.
premium pricing = you qualify for 4.5% but take 4.75% and a $2000 credit from the lender towards closing costs.
i have the 5% for sure. it is a seller;s market I am told. so doubt help with closing costs LOL
We are starting to lean toward building a new home to take advantage of their incentives of closing costs.
Do I have to use the bulder's lender?
thank You very much by the way.
@chela62678 wrote:i have the 5% for sure. it is a seller;s market I am told. so doubt help with closing costs LOL
We are starting to lean toward building a new home to take advantage of their incentives of closing costs.
Do I have to use the bulder's lender?
thank You very much by the way.
Good question. I am asked that question on a regular basis as I am a sales counselor with a national builder.
Answer: It is illegal to force anyone to use a particular lender. However, some builders [like us] will not give you the closing costs assistance unless you use the builder's lender to finance the mortgage.
I think i did a bad move..
i disputed a collection thru TU online. As not aware od debt. They took it off right away. My score raised 6 pts dh did not. What happens now? Do they verify or is it gone forever? Hear disluted acct hurts when looking for home loan.