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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

One Thread for Lower Mortgage Approvals.

Many come here to find out if there lower scores would qualify (under 640).

 

May be worth trying to keep these lower approvals in one thread for others to find easier.

 

While I know there are still some being approved with scores as low as 580 but is rare even in these threads.

 

I thought it may be possible to list down the Bank and or Mortgage Company, and which Loan Program (Conventional, USDA, FHA, etc etc...) you were approved through and if you applied through LO (Loan Officer in Bank) or Broker.

 

This is an Example Only;

 

Credit Score: 600

Type of Loan: FHA

Bank: CitiMortgage

Applied: Broker

 

This may help many who come and visit the forums.

 

If any one can think of anything else that should be added please feel free to let us all know.

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
cassembler
Posts: 470
Registered: ‎02-07-2011
0

Re: One Thread for Lower Mortgage Approvals.

I'd like to see the terms of financing as well, like in the auto forum. Points, cash out of pocket, payment, APR, etc...

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: One Thread for Lower Mortgage Approvals.

Ok here it goes
Credit score: 638 657 667
Type of loan: FHA
Bank: 5/3
Rate: 3.85
Term: 30 years
List price: 130k
Contract: 128k plus seller paying closing cost
Time to close:30 days
Owning my first home: priceless
ccpics2.jpg
Community Leader
Senior Contributor
StartingOver10
Posts: 3,904
Registered: ‎03-06-2010
0

Re: One Thread for Lower Mortgage Approvals.

[ Edited ]

It might help to put in the down payment percent required. I know that FHA only requires 3.5%, but when you get to the lower scores, some of the lenders will require a larger down payment, sometimes 5% or 10%. This way we can see if there is some sort of pattern, like 5% below 640 and 10% below 600 (just an example).

 

BTW, great idea for a thread!

Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
0

Re: One Thread for Lower Mortgage Approvals.

Here is our situation

 

Credit Score, ME 526, 593, 614 DH 645, 665,677 - They Used my mid, 593

Type of Loan: FHA

Lender: First Mortgage Corporation

Rate: 4.5 (we went with a higher rate so we could have less down to the table

Term: 30 years

List Price: $274,500

Contract: $271,500

Down Payment: Exactly 3.5% $9502.50

 

It was a painful process, but not entirely due to my scores. Builder has been a pain... Our lender didn't require anything crazy for conditions but they are incredibly slow.

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Valued Member
erica1021
Posts: 39
Registered: ‎03-19-2010
0

Re: One Thread for Lower Mortgage Approvals.

YES!!! this is perfect! I have been reading at least a 1000 posts trying to find those who have gotten approved with lower scores. We arent going to start really shopping for a mortgage until the first of the year so hopefully we will be in a better place by then score wise, but just in case I'd like to knwo my options.

Mine: TU: 477 11/2013, 506 02/2013, 548 4/2013 EQ: 479 11/2013, 506 1/2013, 520 4/2013 Quizzle: 620 4/2013 Karma: 611 4/2013 credit.com: 590 4/2013

Husband: TU: 485 11/2013, 496 02/2013, 526 4/2013 EQ: 503 4/2013
Quizzle: 577 4/2013 Karma: 551 4/2013 credit.com: 500 4/2013
Contributor
glendazamot
Posts: 89
Registered: ‎07-28-2012
0

Re: One Thread for Lower Mortgage Approvals.

Credit Score, 665, 654, 672 - They Used my mid, 665

Type of Loan: USDA

Lender: NationStar

Rate: 3.5

Term: 30 years

List Price: $149,900

Contract: $148,000

Down Payment: Exactly 0%

Seller's closing contribution : $3,500

Appraisal: 149,000

Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
0

Re: One Thread for Lower Mortgage Approvals.

Great Idea JM-AM. This will help alot of ppl
12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

Re: One Thread for Lower Mortgage Approvals.


glendazamot wrote:

Credit Score, 665, 654, 672 - They Used my mid, 665

Type of Loan: USDA

Lender: NationStar

Rate: 3.5

Term: 30 years

List Price: $149,900

Contract: $148,000

Down Payment: Exactly 0%

Seller's closing contribution : $3,500

Appraisal: 149,000


I think the thread is for people who closed on loans with a sub-640 credit score.

Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013
0

Re: One Thread for Lower Mortgage Approvals.

Thank you fo sharing, please continue to provide this information.  I have a middle score of 629 and would like to see if someone out there was able to get a pre-approval with this score.  Thanks!

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014

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