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Fiancé and I got pre qualified through Nationstar today! I know that doesn't really mean anything at all,but they said upon bringing our score to 620 we would be pre approved? We have another meeting on Sunday with the new home consultant. It would be a new build from KB. Said their minimum score is 620, mine is at 607 EX and 597 TU from here and fiancé's are at 617 TU and 593 EQ from here. She didn't say for how much or anything yet probably since we are not preapproved?
@FLAJenn wrote:Fiancé and I got pre qualified through Nationstar today! I know that doesn't really mean anything at all,but they said upon bringing our score to 620 we would be pre approved? We have another meeting on Sunday with the new home consultant. It would be a new build from KB. Said their minimum score is 620, mine is at 607 EX and 597 TU from here and fiancé's are at 617 TU and 593 EQ from here. She didn't say for how much or anything yet probably since we are not preapproved?
The excitement of being pre qualified sometimes takes a burden. You are moving to fast, unless you feel you will reach a 620 midscore with-in the next 90 days.
The reason I say moving too fast...
If it is a new build and you want upgrades, you will most likely have to pay for them ahead of time, or a big portion of them.
Even while you could have your contract be contingent on financing all the upgrade money given would be lost.
You will have a prelimary closing date according to home completion, and maybe an extension if you havent reached your mid score yet. But the builder wants to get paid.
It is great news you found a builder and a Lender to work with you, but before you go jumping the gun and possibly losing money, get the scores closer first. List your issues here for others to chime in to help you boost them, use the rebuilding board for lots of great advice.
I know you can do it and get your scores there, I just dont want you to lose any money because it took a little longer then you anticipated.
No I appreciate anyone's input! Together our income in 90k, my report is clean minus a 75 med collection from 2007. My scores are on the original post. The only thing that the simulator says for me to do is to pay down my cc balance which I did last week to below 9% . Just waiting for the statement to cut on the 21st for the jump in score. Fiancé has 3 medicals and a cc charge of that midland has and an car loan charge off because car got totaled and he didn't have any gap insurance. But on his simulator here it also only said to pay down cc balance and his core would bump also to above the 620 range. The model that were looking at would be base 173,990, the sales consultant said at the most with 15% in upgrades they allow to be rolled into price it would be 203k. Anything above 15% we would have to pay for. We aren't really concerned about superficial things and things that can be changed down the line so for the 15% they can roll in we were thinking of just doing structure upgrades for it. The max FHA loan amount in the Tampa-St.pete area is 292K I believe
@FLAJenn wrote:No I appreciate anyone's input! Together our income in 90k, my report is clean minus a 75 med collection from 2007. My scores are on the original post. The only thing that the simulator says for me to do is to pay down my cc balance which I did last week to below 9% . Just waiting for the statement to cut on the 21st for the jump in score. Fiancé has 3 medicals and a cc charge of that midland has and an car loan charge off because car got totaled and he didn't have any gap insurance. But on his simulator here it also only said to pay down cc balance and his core would bump also to above the 620 range. The model that were looking at would be base 173,990, the sales consultant said at the most with 15% in upgrades rolled into price it would be 203k. The max FHA loan amount in the Tampa-St.pete area is 292K.
Your husband may have to pay off the charge offs also. They are impacting his DTI, but you try what you stated and if your score hasnt increased enough after what you have already tried, then you work on the next possible situation to boost them.
I have a house in Sarasota, it is the 2nd house we purchased many years ago. Just a drive over the bridge and we are neighbors!
We barely have any debt at all. Only 2 cc's each 2 with a $200 limit , 1 @ $300 and 1@ $500 and my student loan payment of 132. Then obvioulsy cell phones and car insurance.
Here's another question though, we get approved for x amount and not use the entire $$ where does the extra go? An escrow account or jsut deposited in to our bank? Like if we want to get new furniture and stuff like that?