DH and I spoke to a LO today at MIG. His mid-score was 744, mine was 778. We were approved for $350K with a rate of 3.66 on a VA loan. This is the terrific news!
Now my questions:
-he indicated that there was no stratification to the rates for any government loans, that you basically either qualified for them or you don't (this deflated my hopes for the best rates that we had worked for).
-while in his office, he told us that our credit scores earned a rate of 3.33 on $263K, but when he called later, he said that the rate was 3.6x on $350K. When I asked him why the rate went up, he claimed that it actually went down b/c he had quoted estimated payment earlier on at 4% with us paying 1.x% closing and less seller concession. The new amounts were based on higher seller concessions with a lower rate.
-he said that he was new, and didn't have access to GUS, the automated underwriting. This was why he had to call us with the "final" counts. He explained the higher approval amount as being due to our good credit scores, as GUS saw it.
The more I think over these things, the more I'm scratching my head. My original plan was to talk to multiple lenders. I just need to get my head on straight before I take another step.
