I was approved for FHA loan through Quicken about 3 weeks ago. Our LO said we have been approved at 6.12% for 30 years. At that time my score was 535 Eq and wife 626 Eq which gave us a mid of 580. On Monday I got a score update from Fico telling me my score has dropped to a 516. I checked and 2 medical collections hit my credit. One for 41.00 and another for 101.00 same company. I called the collection company and paid both in full and they are sending me a letter stating the account was satisfied.
We have already made an offer on a house and are just waiting for the sellers bank to respond to the offer (short sale). It could take some time being a short sale or it could go very quick its already been 10 days.
My question is could this completely mess everything up for us? Should I call Quicken and tell them what happend? Will then run another credit check before close even though I already have an approval? Should I not worry about it since its paid? Hope that we dont close till next month and pray my score goes back up over the next 30 days? HELP, NERVOUS
Message Edited by rjeps on
06-11-2008 10:23 AM
