Reply
Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012
0

Pre QUAL process

So the lender pulls my credit report and this is what they said I need to do to get approved for the new home loan and no money down.

 

Pay off credit card - had 247 balance and now has a 60.00 balance - didnt have all the money

 

Get child support to quit reporting 3000 late when it is only 400.00.  NOT SURE how to do that but I disputed it so I will see what they will do.

 

My experian is still a stable 585 and my experian and transunion are both 645.  When the lender did the pull they pulled 599.

 

Does FHA use fico scores?  Maybe i am confused, but does any lender use this score on my fico?  I was told they did when I first joined.  The lender that pulled my score used the scoring model from creditxpert and the company they used was credit plus.  I never heard anyone talk about that. 

 

They were not concerned at all about the 4 open collections I have.   They wanted to see the child support fixed and credit card paid off.

 

Any advice would help.  My goal is to try to get a home loan by July ( I know its enough time) but I want to do the right thing. 


I am also paying on a car note which has been current since May, and a CC that is also current since June.

 



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Pre QUAL process

Most lenders use Fico scores for home mortgages. The company names you mention are for tri-merge reports but still Fico scores. The difference in scores is the difference in scoring model. Also have to keep in mind if you have not pulled your scores the same time as the lender you alwayshave a possibility of a different score as your scores change daily according to activity reported. 

 

I am still a little confused, are you applying for an FHA loan? If so I do not know of them having a no money down loan.

 

Then you mention 4 open collections and nothing mentioned about them. How much are the collections for? How old are the collections? 

 

Child support payments being late and changed usually takes longer then expected. Keep at it and do not give up. 

 

Paying off your credit card is easily attainable. 

 

Many factors still unkown, how much is your income, the purchase amount you are seeking, your total debts owed, any savings available for closing cost and or down payment? I know you mentioned no down payment loan but if using FHA you will have a minimum down payment. If using a different program you need to clarify which program you are using to get best opinions on others experiences.

 

 

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012
0

Re: Pre QUAL process

[ Edited ]

Hi JM-AM

Thank you for responding.

 

I am still a little confused, are you applying for an FHA loan? If so I do not know of them having a no money down loan.  - The loan she said I would qualify best for is the new home loan with a credit score of 620 - 640 and is no money down.

 

Then you mention 4 open collections and nothing mentioned about them. How much are the collections for? How old are the collections?  My collections are all about 12 months old, TOTAL of 900.00.

 

Child support payments being late and changed usually takes longer then expected. Keep at it and do not give up.  His dad wanted child support although we agreed not to,  he still went for it anyway and won.  I owe 400.00 back child support but they got me with 500.00 a month and I paid up 1000 I was behind in (due to the court dates being postponed it accrued during that time) but they are just going to pro- long it one extra month for that.  *sigh* it ends in July.

 

Paying off your credit card is easily attainable.  Only 60.00 left I think, I paid 160 on it to bring it down.

 

Many factors still unkown, how much is your income, the purchase amount you are seeking, your total debts owed, any savings available for closing cost and or down payment? I know you mentioned no down payment loan but if using FHA you will have a minimum down payment. If using a different program you need to clarify which program you are using to get best opinions on others experiences.

 

Okay, income is 80,000 combined but right now a lot of it goes to alternative cancer treatment, so nothing saved.

Total debt is like 21,000

Purchase price is under 200,000.

Nothing saved (being honest) 


FHA lender uses 3% down for under 620 and I heard they had a program for 620 and over, with no money down.  I havent verified that yet because this all happened  Friday.

 

My income is about to go up 2400 per year due to being on call now.


I have a student loan too that is behind but I am working on getting that up to date.  Everything is a big mess.


Right now we are paying 1100 for rent and 272 for car and everything else goes to DR's.  I know if I got a house it would save us 300.00 at least a month.  I am looking to buy around July, so any advice please let me know :smileyhappy:


BTW I am taking Jamies advice and should have the collections paid off and removed in feb.



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}