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01-13-2009 11:05 AM
My DH score is 717, 3 points short of a conventional loan approval. Our lender said he can try to get an exception from the Mortgage insurance company. Has anyone had experience of this happening?
We have 2 credit cards with balances. Capital one with a $73 balance and a Wamu card with $48 balance. I also disputed 2 old paid collections which I am going to cancel because of what I read with the reporting date renewing. I just dunno where I can boost him 3 points.
Any help would be apprciated. Thank you.
01-13-2009 11:37 AM
Do you see any unauthorized credit inquiries on your creditor inquiry list? If so you might be able to get a few points.
What is your situation (LTV, loan amount, location) and why are they saying a 720 score is needed? Most PMI providers have the similar score requirements but not all are identical.
01-13-2009 11:53 AM
We are doing 90% LTV. I am hoping those bringing those 2 little balance will help raise the score by 3 points. The 2 other collections has a reporting date of 6/2008 and 10/2008, those dates was when we paid them. I will leave those in dispute cuz maybe they will delete it before the drop off date of next year.
Our lender submitted a request for an exception. He won't know if it was approved until the appaisal is finished.
01-13-2009 12:15 PM
Our loan amount is 395K in Los Angeles, Harbor City to be exact. We don't have any unauthorized credit inquries on our reports. We have 5 credit cards, 3 with 0 balance and the 2 cards with $73 and $48 balance.
01-13-2009 12:38 PM
Yup all PMI companies are requiring a 720 score here in Los Angeles now for your situation. If you were in a market where values weren't declining I'd say there is a chance to get a FICO score exception - however in Los Angeles the odds won't be very good. Have you looked into FHA financing as an alternative in case you aren't able to get your score to the 720 level?
01-13-2009 03:44 PM - edited 01-13-2009 03:46 PM
Which companies are the collections with???...I would search them in the myFICO search box to see if others have had success with GWing them....if so...type up a GW letter and send it to them...fax if possible...or even call...and see if they will be willing to delete since you PIF...
If they agree get them to fax you a letter saying they will delete from all CRAs...then get your lender to do a rapid rescore...
01-13-2009 05:09 PM
We will be doing a FHA as a back up plan. Our offer was written up as a conventional loan. We do plan on doing a FHA loan as a back up plan. We have to remove loan contingencies on 1/18 and we hope the buyer doesn't back out because we changed from conventional to FHA.
We are waiting on some account updates. This should happen in 2-3 days. Will know more by then. 3 points! So close yet feels so far