Mortgage Help.. Told my score was ok but hubby has to raise 15 points

[DallasLoanGuy]

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.

[chela62678]

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.

[DallasLoanGuy]

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.

[chela62678]

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)

[DallasLoanGuy]

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.

[chela62678]

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.

[ezdriver]

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@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.

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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.

[chela62678]

Thank You we were not sure..

[chela62678]

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.