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Frequent Contributor
seigex
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

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Moderator Emeritus
webhopper
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
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Moderator
Shogun
Posts: 12,952
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+

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Valued Member
KatieKatie
Posts: 28
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. 

Starting: Equifax 480
Current: EQ: 656 TU: 721 EXP: 686
Goal: 750
Established Contributor
Lasardo
Posts: 749
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
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