Mortgage experts...your thoughts?

[RW771]

Hi everyone,

Sorry if I'm driving you all crazy, I'm just really nervous for Friday when I go back to the bank again (went in June and was advised to try again end of Oct.). I've done everything the previous LO advised me to do and then some. In fact I credit this forum and all of the advice I have been given here for helping me raise my score an incredible amount in the past 4 months.

My lender requires a min. 620 to qualify. On 6/22 my scores pulled by the lender were: 557 (EQ), 577 (EX), 630 (TU).

My latest scores (per MyFICO) are: 624 (EQ...as of 10/14/11(SW alert), 667 (Fako...as of 10/04/11), 672 (TU...as of 10/04/11.

I will be pulling my scores again on Friday before heading to the bank (maybe just my EQ since it's my lowest) to see how close they are to what the bank shows me at. My question for you is, it looks as though my EX score is once again my middle score. Of course we really don't know how far off the FAKO is, but I just want some sort of confirmation that I 'should' be okay as far as meeting the minimum requirement. It scares me that my EQ is BARELY above the minimum, and hearing people saying that EX could be off as much as 60-100 pts in either direction terrifies me, especially since EX hasn't updated some info. like TU and EQ already has. I'm sure I'm just working myself into a crazy, stressful mess, but I've been working so hard for the past year and a half with my extremely limited credit to get here and will be devastated to be given the whole "close but not quite spill". Any ideas?

[incognitony]

I would go for it as it sounds like at least 2 scores will be above 620. If not there may be alternate lenders available that you can get approved with.

[Booner72]

I know exactly what you are feeling. I thought it was my EQ that I had to get up to 640, and I didn't make it. But TU saved the day!!!! Crossing fingers....let us know!

[RW771]

So as if my anxiety wasn't enough....

I just talked to my LO making sure I had everything I needed for tomorrow. I was totally not aware that he was going to run my credit today (which I'm ok with). I guess he was going to have everything together and ready for me with the decision and all tomorrow and have the credit already run. So he tells me he's been waiting to receive my CR back for the past several hours and it's "stuck" and as soon as it's available, he'll let me know. Aaaaggghhh! So while he's finishing up telling me this, I receive a SW notification that my score has changed. My heart starts beating really fast and I'm almost scared to see what it has to say (talk about everything happening all at the EXACT same time).

I log in and my EQ Fico score has jumped from a 624 to a 652! I'm excited, but yet a little suspicious because everything I was expecting to update on EQ already has done so. So I check out the details and it looks like my student loan servicer has sold my loan to another lender and the balance was reported as $0 and the comments state it has been transferred. The new lender doesn't show up yet, so I'm assuming I received this point increase from the $0 balance that's now being reported instead of the $8500 balance. I'm wondering if this has something to do with my CR being "stuck"? Also what affect will this have on me once the new lender comes on board and reports the balance? I hope and pray it doesn't drop below where I was prior to this? The LO is supposed to call me once it comes up and let me know if it's a thumbs up and send it to me. I am beside myself right now with several mixed emotions and trying to keep it together lol.

This must be the Lord's way of teaching me patience lol.

[Booner72]

You must have your loans through Direct Loans.  Mine got zero'd out too, no score change though.  We'll see what happens when the dang things show back up.  You will have to show proof from Direct Loans now that your loans will continue to be through them and how much the payment will be - the UW will want to know how they got paid/sold or whatever.

Bad timing on Direct Loan for sure - but this isn't a dealbreaker or anything, just a stupid hurdle through no fault of your own.

[RW771]

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@Booner72 wrote:

You must have your loans through Direct Loans.  Mine got zero'd out too, no score change though.  We'll see what happens when the dang things show back up.  You will have to show proof from Direct Loans now that your loans will continue to be through them and how much the payment will be - the UW will want to know how they got paid/sold or whatever.

Bad timing on Direct Loan for sure - but this isn't a dealbreaker or anything, just a stupid hurdle through no fault of your own.

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Yep through Direct Loans. I don't remember getting anything in the mail or by email saying that they were being sold to another lender, just that the online payment system would be different. I sure hope it doesn't affect much and I'm really hoping my score will be back to where it was (or better