Reply
Frequent Contributor
Posts: 425
Registered: ‎05-16-2012
0

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.

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: My questions after reading these forums

[ Edited ]

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
Posts: 13,869
Registered: ‎04-15-2011
0

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!!!   :smileyhappy:



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!
New Contributor
Posts: 71
Registered: ‎01-10-2012
0

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. 

NFCU Cash Rewards $35k | NFCU Nav $15k | Cap1 Venture $18k | Cap1 QS $5.4k | DCU Plat $10k | AMEX Delta Gold $5k | AMEX SPG $1k | AMEX Personal NPSL | Marriott Chase Visa $5k | Barclay Arrival M/C $5k | Barclay Rewards $2k | Nordstrom $2.5k | Cap 1 Plat $2k | BBVA NBA $10k | Serta $8k | Lowes $15k | Macy's $2k | Macy's Furniture $5k | Walmart $4k | Discover IT $1k
Established Contributor
Posts: 754
Registered: ‎04-26-2012
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.