Mortgage Loans

[superturnip]

Loan officers have been giving me misinformation (per this site) and it is frustrating to say the least. The first (Countrywide) loan officer (who sounded 16) told me that my credit score had nothing to do with the interest rate I would get. She said that the loan type dictates that and the score merely dictates how much documentation I would have to supply for confirmation of income etc. ????

The second  (Quicken) loan officer told me that inquiries don't affect anything at all when it comes to getting a loan. He also stated totally different credit scores than what MYFICO.com showed. My 3 scores were 700/728/739 - my husband's were 666/700/736. He stated that my husband's score was 680 and mine was 709 (I obtained these new credit scores from MYFICO.com the same day I applied for my loans).

Because (on the Quicken paperwork) my huband's score is 680 (and I need his income) we are not eligible for an 80/20 (no money down) loan.

Can anyone clarify the discrepancy in credit scores from the lender and MYFICO.com?  

I thought buying a house would be exciting...

[chartley3]

Alot depends on there the Mortgage people pull your tri-merge report from. The first question I ask any Bank or Broker is where they pull reports from. You want to find one that uses Equifax or Fair Isaac's scoring model. Innovis I found out does not use Fair Isaac's Model and uses their own system. Remember it doesnt hurt to shop for a mortgage as long as you do all your pulled within 14 days of the first one. It will only count as 1 INQ on your Credit Report.

[nikkoslilmouse]

14 days ? I was told 45 days.  

[Noah_Bodie]

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nikkoslilmouse wrote:

14 days ? I was told 45 days.  

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I know it was, or perhaps did, change from 14 to 45 days. Just not sure whether it is 45 days today. Barry or Tuscani might know.

Is the de-duplication window for home loans 45 days?

[Noah_Bodie]

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superturnip wrote:

Loan officers have been giving me misinformation

...

Can anyone clarify the discrepancy in credit scores from the lender and MYFICO.com?  

I thought buying a house would be exciting...

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I'm shocked, shocked I say, shocked, to learn that loan officers are giving misinformation. Here's your cut, Captain. Oh, thank you. [Obscure, but not to me, movie reference. 15 FAKO points for whomever correctly guesses first.]

Both could be true FICO scores, both different, and both correct. The lender might be seeing your Mortgage Industry Option score.

Are both you and your spouse working?

[Revike]

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Captain_Louis_Renault wrote:
15 FAKO points for whomever correctly guesses first.

Add those to my TU TransRisk score, please.

Message Edited by Revike on 07-18-2007 05:07 PM

[Crouton]

I agree that most loan officers are criminals wanting to just steel your money.  I have been in the lending business for many years and just in the last 3 or 4, have the criminals come out.  It bothers me because it gives me a bad image right off the bat.  I work hard for my clients and expect to get paid, but not by ripping them off or stearing them in the wrong direction. 

[superturnip]

Yes my husband and I both work - and both incomes are needed for the price range we are looking in - otherwise I would use my middle score of 728.

I got a hold of Lending Tree after writing this and they had scores that matched EXACTLY what myfico shows. I have a preapproval letter for an 80/20 and am moving forward with serious house hunting.

[superturnip]

Ha Crouton - where do you work???

Message Edited by superturnip on 07-21-2007 02:30 PM