What are my chances

Anonymous · ‎02-20-2013

My Fico score 701 TU 674 EQ. Income is 46000/yr. Zero balances on CC's. I have one small istallment loan that is at $2,200. No collections or judgements. What are my chances of getting approved for a mortgage. I would think I am ok but I am scared to death of being turned down and taking a credit hit.

I stated a year and a half ago at sub 550 Credit scores and have worked hard to raise my scores. Now I am at the point it is time to bite the bullet and see if I can qualify but I am so nervous!

tooleman694 · ‎02-20-2013

Everything looks ok to me.

DallasLoanGuy · ‎02-20-2013

apply with confidence

Retired Lender

MovingForward_2012 · ‎02-20-2013

+1

Last App: 4/5/13 Gardening until July 2014

EmpressLuv · ‎02-20-2013

Go ahead and apply. I make about the same as you well plus bonus with a total of $515 debt and just signed paperwork for new construction of $245K....granted i am a nervous wreck because my LO just put my files in underwriting.

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2250, Macy's 2000, Kay's 7600, Capital One 1400, Capital One 4000, Quicksilver One 3500; Quicksilver 3000; QVC 3500, Walmart 6000, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 3600, Discover 1500, Lowes 12000, Amazon 2400

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
Current Scores: 2/6/15: TU 696 EX: 679 EQ: 658
Goal Score: 700

Wonderyears · ‎02-20-2013

Because of agressive deductions in 2011 (self employed), my income averaged to only 44k for '11 and '12. I have no debt and one satisfied judgment and am almost (I hope) through UW for a 260k purchase price with 5% down (247k loan amount).
Go for it!

myFico TU-715 EQ-778 (01.14.2013) WalmartTU-664 (12.12.12))

LENDER PULL EQ-766 EX-779 TU-713 (12.20.2012)

Anonymous · ‎02-20-2013

Thanks everyone I went ahead and applied and got approved!!!!! From disputing things monthly, paying off CC debt, and tangling with the state on a sales tax lien they put on my credit report that was in error(This one was tough). It was all worth it!

Congrats to the rest of you in this thread that also got new home mortgages, and thanks to these forums for having answers to all of the questions.

maliluka · ‎02-20-2013

thats very good news to hear

Anonymous · ‎02-20-2013

You should be perfectly fine. Depending on how much you put down, and whether you are going Conventional or FHA.. you will still be hit some for Loan Level Pricing Adjustments due to risk with the score. FHA all scores are the same for the most part in pricing, but Conventional they vary every 20 points of score. Inbox me if you have anymore questions. Good luck!

Epcot · ‎02-20-2013

Congrats on the approval!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 849 EX 835 TU 841