cancel
Showing results for 
Search instead for 
Did you mean: 

My questions after reading these forums

Established Contributor

Re: My questions after reading these forums

it's simple, Bankruptcy is a legal remedy that ends your responsibility for debt.... allowing a $500 unpaid judgement/collection/eviction/whatever is not. Lenders/Underwriters can find whatever reason they want to deny you a loan as long as it' falls within the Fair Lending guidelines, and typically they will ask you to pay the $500 before they allow an application to leave underwriting as it makes them feel better that you have all your ducks in a row.

Moderator Emeritus

Re: My questions after reading these forums


Sunshine85 wrote:

basballguy wrote:

Sunshine85 wrote:

basballguy wrote:

ok the last two replies make more sense, thanks and understood.

 

Does anyone know about higher FICO requirements for the higher $$ FHA loans?  Is there any truth to that?


My response came from my experience working in mortgage lending, and I didn't work for only one lender. No lender I worked with was ok granting a mortgage to someone with unpaid housing debts.

 

 

Not sure what part of that "doesn't make sense".


Please don't derail thread.  I've received satisfactory responses and am now looking for a response for my remaining outstanding question. 

 


I was hardly derailing the thread- you posted a question on a public message board looking for help, people took the time to reply and share experience from a lender's perspective, and you were dismissive and borderline rude. And you're now posing another question- for your sake, it would be behoove you to be a little more gracious and receptive to people who take the time to respond to you, especially if you're going to continue asking for public input.


Hi!  Thank you for posting your thoughts.  Keep in mind that the purpose of the forum is to share experiences and knowledge. Sometimes disagreements arise, but its important to remain Friendly and Respectful at all times regardless of these differences. 

 

My rule of thumb is that I don't say anything here that I wouldn't say to my Mother in Law to her face.

 

Please keep all conversations in line with the forum courtesies.

 

Thanks!!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Moderator Emeritus

Re: My questions after reading these forums

My rule of thumb is that I don't say anything here that I wouldn't say to my Mother in Law to her face.

 

 

You know I'm going to have to quote that at some time.  Epic!!!   Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Highlighted
Contributor

Re: My questions after reading these forums

Hi, I'm using an FHA loan for a mortgage over $300k and I was consistently told that my mid score simply had to be at least 640. I was initially planning to finance up to the FHA max in my area which was $387k, but found a much better deal on a short sale but the score requirements were the same either way.  Also, I've discovered that at least one bank has their FHA underwriting manual publicly available online.  It's a great resource if you're interested in getting exceptionally detailed information on what precipitates a manual downgrade and outright denial.  PM me and I can tell you what to search for if you think it would be helpful. 

FICOs EQ: 702 Experian: 715 TU: 765
NFCU Cash Rewards $35k | NFCU Flagship $5k | NFCU Nav $15k | Cap1 Venture $18k | Cap1 QS $5.4k | Fidelity AmEx $25k | DCU Plat $10k | AMEX Delta Gold $5k | AMEX SPG $1k | AMEX Personal NPSL | Marriott Chase Visa $5k | Barclay Arrival M/C $8k | Barclay Sallie Mae M/C $3k | Barclay Rewards $2k | Nordstrom $4.5k | Cap 1 Plat $2k | BBVA NBA $10k | Serta $8k | Lowes $17k | Macy's $14.9k | MWalmart $5k | Discover IT $1k| Vystar $10k
Established Contributor

Re: My questions after reading these forums

I disputed 3 old judgments and they were removed without payment. (they were older) I would do a PFD with the OC  and see if they will remove it. 

Also I was told by a loan officer that score needed  to be at least 640 for an FHA loan. 

CS 728- 01/13 from 554-12/11
Goal: 800