Need some advice , please

[Anonymous]

I agree with Mickie. There's a very high probability you will be told AFTER you find a house and try to close that your scores are too low. Also, keep in mind letting lenders pull your scores will also drop them a little bit.

You can pay your card below $40 and that will give you a little boost, sometimes as much as 20 points.

If you're both going on the loan, both of your scores will be considered and they actually go by the lower persons middle score.

Our lender told us everything is becoming "official" March 9th with FHA increased requirements. I don't know if that's just for his company or across the board but i'd be very cautious about getting too invested without raising your scores first.

[Anonymous]

Makes a lot of sense , sad they lead you on like that though , I honestly thought it was going to be a denial also , as to what was asked above, yes they pulled a credit report and went over them , he stated there were 3  thing that need to be paid ( 2 of which were paid 2 weeks ago) , said my DTI ration was 17% and that was great.The guy also didn't sound like a sales man , he sounded like he was being honest..

PS: I should have stated this before , but didn't think to post it, I originally did go threw the conventional loan side of BOA ( same day) and they denied me because my score was less than 620 , then was transferred to the FHA loan dept..

Thank you all....

[Anonymous]

We looked at 4 houses so far, 1 we liked ( but know to keep looking) ,it's on the market for 110k ,but the sheet the realator gave us shows assest value 75k , the house has been on the market for 87 days ( was also up for sale 2 years ago , then taken off market ) , i'm guessing the owner passed away recently as to its empty and looked like was a older persons house..Just a decent walk threw show no MAJOR issues ( one gutter needs fixed) , roof looks good , electric was redone 8 years ago , no water damage.

Just a question , based on current market is it better or worse to try for seller consessions of 3% towards closing or will people laugh at you... I was thinking of offering 93k( with 3% of that going to colosing costs) ,am I totaly whacked?

Thank you again...

[Anonymous]

In the we told you so group , today we went for full approval and were told 620 was lowest accepted score , not upset ( because you warned me) , but mad spent last 2 years getting to where we are now gotta wait longer ( how are they gonna fix economy this way? ) , guess its the smart thing to do , with this ugly economy...

Thank you all......Off to the rebuild  forums to see how I can raise my scores 20- 40 points in a few months..

Message Edited by Looking4Help2009 on 03-09-2009 02:36 PM