Rapid Resoce

[Anonymous]

I have been watching my credit scores and according to this site, I was under the impression that my family would be able to obtain a pre-approval for a mortgage. Long story short, my score that they had obtained was 10-18 points lower than what was shown on this site.

  So we agreed to do a rapid rescore to attempt to offset the 3 points that I was short on being approved. We have taken the steps requested by one of the bureaus to complete to rapid rescore and are now waiting for the results, which should be tomorrow, my question is after reading more into the rapid rescore. Am I taking a chance of damaging my score? I have now read that there seems to be instances of  people being in the same situation and it ends up decreasing their scores. Additionally how can I attempt to find a true way of finding out what my score is for a mortgage approval?

[Appleman]

Welcome ricestakes to myFICO,

What FICO score are you looking at on this site.

You need to look at a new 3B (3 bureau) report to see your actual FICO mortgage scores.

If you do the monitoring here you are only getting the FICO8 scores.

As a member (meaning you myFICO monitoring) you can pull a 3B report for a discount of just less than $48.

If you have the upgraded monitoring you receive a new 3B report either quarterly or annually. 

When I applied for a re-finance my mortgage scores from myFICO were the exact same was what was pulled (these were all lower than my FICO 08 scores).

Hope fully that helps explain things a bit.

[Anonymous]

Are you still in the pre-approval stage? What is the minimum mid score they are looking to see? It's possible they may have overlays and your scores are good enough for another lender. What are your scores?

[Anonymous]

Still waiting for preapproval. They are looking for a 640, she is attempting for a USDA loan and we explained we are also able to do a FHA. We have the funds to pay the downpayments and closing, but her reasoning is we are in a rural area so take advantage of it, but keeps pushing the USDA loans. My belief is because they are the leader in USDA loan approvals in our state, compeling her to want to keep up the numbers.
We attempted to go through someone else but they took my husband's disputed medical bills into consideration and wanted us to pay them, bumper sticker we are not liable and have been fighting to remove them, that company wouldn't go any further until we paid the bills. Causing us to out of fear not wanting to have multiple people pull our reports and encounter the same scenario and decreasing our scores. Has led us to stick with this lender.

[StartingOver10]

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@Anonymous wrote:
Still waiting for preapproval. They are looking for a 640, she is attempting for a USDA loan and we explained we are also able to do a FHA. We have the funds to pay the downpayments and closing, but her reasoning is we are in a rural area so take advantage of it, but keeps pushing the USDA loans. My belief is because they are the leader in USDA loan approvals in our state, compeling her to want to keep up the numbers.
We attempted to go through someone else but they took my husband's disputed medical bills into consideration and wanted us to pay them, bumper sticker we are not liable and have been fighting to remove them, that company wouldn't go any further until we paid the bills. Causing us to out of fear not wanting to have multiple people pull our reports and encounter the same scenario and decreasing our scores. Has led us to stick with this lender.

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Don't fear shopping the mortgage.

A mortgage is a big ticket item.

If your mid-mortgage score is 3 points shy of 640 - then find another lender that will do an FHA loan for you with a min mortgage score of 620 (or even less).

It is a silly reason to stick with USDA loans because the lender specializes in them. Find a good mortgage lender - stay away from big box banks and stay away from Quicken Loans.  Use a lender the originates, underwrites and funds their own mortgages. Go to someone that only issues mortgages and not car loans or credit cards. You will have a much better mortgage experience and get a wider array of mortgage program options.