What was on your credit when you were approved?

[PeacefulP]

My husband is having his credit ran tomorrow in hopes of getting a pre-approval on a mortgage. We've done a great job cleaning up his report and mid score is 640 (it should actually be higher, since a vacated judgment was deleted but score watch hasn't updated).  We have 70K-100k to put down.  He has 2 collection accounts remaining. One a charge off for $6,000 and another dentist bill for $100. We can pay these, but haven't because we didn't want them to update and lower score. We'd rather the LO tell us to do it first.

My question:

Is there anyone out there that had a similar report, down payment, and score that got pre-approved for a conventional loan and eventually closed?

Thanks!

[PeacefulP]

bump

[1LNurse]

I had 2 collections both under 2K, some lates on the student loans and was still pre-approved. I had to write a LOE for a charge-off.

[ezdoesit]

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@PeacefulP wrote:

My husband is having his credit ran tomorrow in hopes of getting a pre-approval on a mortgage. We've done a great job cleaning up his report and mid score is 640 (it should actually be higher, since a vacated judgment was deleted but score watch hasn't updated).  We have 70K-100k to put down.  He has 2 collection accounts remaining. One a charge off for $6,000 and another dentist bill for $100. We can pay these, but haven't because we didn't want them to update and lower score. We'd rather the LO tell us to do it first.

My question:

Is there anyone out there that had a similar report, down payment, and score that got pre-approved for a conventional loan and eventually closed?

Thanks!

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The Dentist bill could you get a PFD it seems like would be the easiest one because it is a sole proprietor.  If report updated without it it would increase his score.  Like you said though I would wait to see what the LO says.

[tooleman694]

I was scoring in the upper 600s, I had an old paid medical collection and 3 defaulted student loans from 4 years back that I had rehabbed.

[jman20013]

Mid score was 669 and I have 2 almost 7 year old collections. One is 7K the other is 2K. I live in Texas so they are way out of SOL and due to fall off early next year. Once the house is done I will take care of them so they go away forever.

[PeacefulP]

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@jman20013 wrote:

Mid score was 669 and I have 2 almost 7 year old collections. One is 7K the other is 2K. I live in Texas so they are way out of SOL and due to fall off early next year. Once the house is done I will take care of them so they go away forever.

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You didn't have to pay them? Our LO told us we HAVE to pay them asap (one SHOULD have already fallen off, and the other is set to fall off in April).  Husband's mid score was 689. We're going conventional though. Was yours conventional?

[jman20013]

No I did not have to pay them off and we are going FHA.