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Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!

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Lemmus
Established Contributor

Re: Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!


@Anonymous wrote:

Wwhen I started apping back in Oct’14 the Walmart FICO score that I was going by was at 787 with Transunion and now that I’m pulling my scores from Equifax my March scores have taken a dive: EQX 655, EXP 677 and TU 691…I know I should be pulling my scores from this site and I will be making my switch in the month of April after my March membership with EQX ends.

 

...The Walmart FICO scores are FICO 8 Credit Card model scores ...your mortgage lender will use your FICO 4 mortgage model scores ...are the 655/677/691 mortgage or CC scores? ...there can be a substantial difference ...most forum menbers report lower mortgage scores though some report higher ...but if the 655/677/691 scores are CC scores, you could be in for a nasty surprise.

 

 

Down Payment. $20k

Savings. $10k

...if your savings are only 10K where are your dp and closing costs coming from? ...your lender will want proof that you have both in seasoned accounts ...most won't give you a preapproval letter (as opposed to a pre-qual) until they see your bank statements showing the funds.

...hth

 


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Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 11 of 15
frugalQ
Valued Contributor

Re: Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!

lemmus,

 

i didn't even catch that those were not mortgage scores....i just assumed they were.

 

OP, I highly recommend you buying the 3 bureau report from myfico and finding out your true mortgage scores.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 12 of 15
Anonymous
Not applicable

Re: Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!

 
Message 13 of 15
Anonymous
Not applicable

Re: Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!

@lemmus i have 2 seperate accounts...one for our Downpayment and an actual savings that deposit into bi weekly..so in total I have 30k cash and my 401k for any unexpected cost... I'm hopping I will be able to get the seller to pay some of the closing cost. I will be purchasing myfico scores in april when I end my membership with EQX. I will not be applying until a couple of months so I have some time to maximize my score by allowing 1% util to report and remove the LAST charge of from EQX report. I appreciate all the input everyone...keeps me prepared and make this as painless as possible...lol
Message 14 of 15
frugalQ
Valued Contributor

Re: Planning to apply for 1st Mortgage in 90 days...pls help me qualify!!

It seems like you have all bases covered.

Good luck to you...keep us posted!!
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 15 of 15
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