PLEASE HELP: so afraid i'm going to lose my house !

[Sk323i]

my credit was really bad at one point. All charged off debts were settled and paid in full - but score only started to go up within the last 2-3 years. I had really high utilization up until 2 - 3 months ago. I'm still at 40% utilization. 

Maybe that is why Fannie May couldn't approve it?

Even though my score is 660 -- i still have a pretty recent and not good history. 

Assuming that Quicken Loans ran my credit -- they are liklely to increase the rate they offered me to something around 4% on an FHA - right ? Or is a lender like Quicklen more likely to work with me on interest rate regardless of history, score, etc.?

[Anonymous]

I can't say for everyone but none of the realtors I know would touch a quicken loan preapproval. They all told us we needed to qualify with someone else because quicken is known to leave you at the alter. Our credit history wasn't pretty but we always paid on time all our bills forever but we did have a chapter 7 BK in 2012. Decent income of 85000 a year. We went with a broker who was listed with USDA before that we went with a broker recommended by our realtor. I would go either route again. 40% utilization is not a huge deal. It was not even a pimple on our loan and our utilization is higher but our limits are not high so maybe that was a factor. Talk to people, I think you can do better.

[Sk323i]

What's the general non-biased case for double applying?

Do i need to tell any future lenders that I work with that I already have a loan application in progress for the subject property and am going through to get an additional second rate offer?

I already have the 1 approval going with PrimeLending

I could get another one with Quicken

or any other loan companies someone would recommend?

[Anonymous]

You don't have any duty to tell them your shopping. You will want to choose before you pay for appraisal but they are in competition to earn your business. Starting Over10 I think had someone reliable to recommend for internet lenders.

[MauiMan85297]

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@Sk323i wrote:

What's the general non-biased case for double applying?

Do i need to tell any future lenders that I work with that I already have a loan application in progress for the subject property and am going through to get an additional second rate offer?

I already have the 1 approval going with PrimeLending

I could get another one with Quicken

or any other loan companies someone would recommend?

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We were thinking of going with the Home in 5 program here in AZ because I thought they were giving away free money (grants) but when I seen the rate they charge (4%_4 months ago) and did a side by side comparison with nothing down (VA loan) and lower rate (was 3.5% 2-3 months ago) it was a no brainer to go with lower rate which I locked at 3.625 28 days from close.  My LO received an alert 3 days prior to election day that mortgage backed securities were selling off that morning which prompted his alert and didn't want to take a chance of going any higher when the Presidency wasn't determined yet.

Our LO and the entire company has been nothing short of stellar, we also switched lenders because of lack of communication but we never signed any documents with prior mortgage company.  I can refer this company to you if you'd like as I think Quicken would be a waste of time.

[StartingOver10]

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@Sk323i wrote:

my credit was really bad at one point. All charged off debts were settled and paid in full - but score only started to go up within the last 2-3 years. I had really high utilization up until 2 - 3 months ago. I'm still at 40% utilization. 

Maybe that is why Fannie May couldn't approve it?

Even though my score is 660 -- i still have a pretty recent and not good history. 

Assuming that Quicken Loans ran my credit -- they are liklely to increase the rate they offered me to something around 4% on an FHA - right ? Or is a lender like Quicklen more likely to work with me on interest rate regardless of history, score, etc.?

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^^^No, Quicken Loans is NOT more likely to work with you on interest rate regardless of history or score at all.  I wouldn't go to QL for a mortgage. IME they will string you along right up until the week before closing telling you everything is fine and then deny the loan.  I have had that experience with several listings of mine where the buyer decided to go to QL and failed to get a mortgage. I'm not saying they don't issue mortgage loans because that would be silly. I am saying that they don't do well handling any applicant that doesn't have a near perfect file. So the files that have a ding or two don't get approved. Sometimes it isn't the borrower, but it is how the file is handled.

I will pm you a couple of excellent lenders that do know how to handle applications that aren't perfect - and they know what to do. Each of them is honest and will tell you upfront what they can do or can not do.