Purchase of new home

[CostantinoA]

I am looking to purchase my first home.  I have reached out to Wells Fargo Bank as I have banked with them since 2003.  My scores are low due to debt but I am working on getting those cards paid down. Do you think it possible to get a loan with my current sitauton as it is.  I have negitives and they are all medical bills.  I am BK free.  My goal is to be out of the current place by Feb 18, 2018.  I believe I have enough time.  I was looking at FHA loans.  I heard they lowered the credit score requirements for FHA.  Any help would be great.  Thank you everyone.

[Anonymous]

Reach out to someone besides Wells Fargo as they are known to leave people stranded at the alter when it comes to actually closing the loan.

[CostantinoA]

---

@Anonymous wrote:
Reach out to someone besides Wells Fargo as they are known to leave people stranded at the alter when it comes to actually closing the loan.

---

Do you recommend anyone that is licensed in Nevada?

[MauiMan85297]

These are not scores they go by and your mortgage scores could be +/- from them, you need your MMS which is 5, 4, 2.  FHA can do sub 600 MMS but the tighten up the guidelines (more scrutiny).

EQ FICO 8 611 Positive 39, Negatives 8, Inquires 25, AAoA 1Y10M
EX FICO 8 593 Positive 68, Negatives 8, Inquires 51, AAoA 3Y4M
TU FICO 8 600 Positive 72, Negatives 3, Inquires 36, AAoA 1Y10M

[CostantinoA]

---

@MauiMan85297 wrote:

These are not scores they go by and your mortgage scores could be +/- from them, you need your MMS which is 5, 4, 2.  FHA can do sub 600 MMS but the tighten up the guidelines (more scrutiny).

EQ FICO 8 611 Positive 39, Negatives 8, Inquires 25, AAoA 1Y10M
EX FICO 8 593 Positive 68, Negatives 8, Inquires 51, AAoA 3Y4M
TU FICO 8 600 Positive 72, Negatives 3, Inquires 36, AAoA 1Y10M

---

How do I get MMS scores?

[Anonymous]

You can get you Mortgage scores here at myfico. You can do a one time pull or you can sign up for monthly monitoring.

Avoid big banks but I would suggest asking your friends, family or neighbors along with realtor for local recommendations. Your realtor will know who gets to the closing table.

Non-locally there are brokers/ mortgage originators in this board you can reach out to.

[CostantinoA]

---

@Anonymous wrote:
You can get you Mortgage scores here at myfico. You can do a one time pull or you can sign up for monthly monitoring.

Avoid big banks but I would suggest asking your friends, family or neighbors along with realtor for local recommendations. Your realtor will know who gets to the closing table.

Non-locally there are brokers/ mortgage originators in this board you can reach out to.

---

I have the myfico service.  When I contacted Wells Fargo, they said they do not use those scores.

[Anonymous]

Again Wells Fargo is well known for not closing deals. Maybe they use some other numbers but they have "application takers" versus actual originators so they may not even be aware. Ask them what numbers they do actually use. Quicken and most big box banks use application takers.

[StartingOver10]

---

@CostantinoA wrote:

---

@Anonymous wrote:
You can get you Mortgage scores here at myfico. You can do a one time pull or you can sign up for monthly monitoring.

Avoid big banks but I would suggest asking your friends, family or neighbors along with realtor for local recommendations. Your realtor will know who gets to the closing table.

Non-locally there are brokers/ mortgage originators in this board you can reach out to.

---

I have the myfico service.  When I contacted Wells Fargo, they said they do not use those scores.

---

Wells Fargo is awful IME.  The answer you received from the Wells Fargo "loan officer" you spoke to shows you how untrained or inexperienced they are (at least that individual).  This does not mean that all of the LO's are inexperienced and untrained at Wells, but they certainly have more than their fair share of them from what I have seen as a Realtor.  Please, if you want to obtain a mortgage, go elsewhere.

The scores commonly used for mortgages here at MyFICO are identical to what mortgage lenders use. If there is a difference in scores here from what the mortgage lender pulls it is because there is a change on your credit report from the day you pull the scores here to the day the scores were pulled by the LO.

Mortgage lenders do not use FICO 8 scores. They use the scores commonly used for mortgages as described in this thread iin the first post

http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-them/td-p/3817869

[VALoanMaster]

---

@CostantinoA wrote:

I am looking to purchase my first home.  I have reached out to Wells Fargo Bank as I have banked with them since 2003.  My scores are low due to debt but I am working on getting those cards paid down. Do you think it possible to get a loan with my current sitauton as it is.  I have negitives and they are all medical bills.  I am BK free.  My goal is to be out of the current place by Feb 18, 2018.  I believe I have enough time.  I was looking at FHA loans.  I heard they lowered the credit score requirements for FHA.  Any help would be great.  Thank you everyone.

---

Hi CostantinoA,

I agree with everyone else, steer clear of Wells Fargo & other big box banks like them & find a mortgage banker.

Based on your signature line, the main question is what your debt ratios are. You could have an 800 score & not qualify if your ratios are too high.

Have you run any mortgage calculations to see what they say you can afford?