getting ready for a new mortgage

[Anonymous]

After march 18th I will be applying for a new mortgage.   I wanted to be in the market for the better rates.  And I am told to have my wife's and myself middle fico score should be 680+.  Right now my wife's and my  FICO score's are

Me                    wife

eq 753              671

ex 698              671

tr   702              706

So my middle score is 702 and her is  671.  On march 17 we will have a inquiry that is one year old and hopefully bring my wife's score up a little.

If my wife's middle score is just shy of 680 Should I wait one more month for a better score.  I have a dispute in progress with equifax on my wife that shows she  has a balance on a old mortgage of $216,000 and currently 60 day past due.  I know this is wrong, I have only one mortgage and the one being reported that I owe $216,000 and past due, has been paid in full on Sept 06.   So I am sure this will bring her middle score up to over 680.  Do I wait longer than March 18th if equifax has not corrected this yet to make sure I get the 680+ that I need.   My credit cards are paid in full, so I can't do any thing else to help on that part.

[sunrise]

glassblower.....you will not be able to apply for a mtg. while you have a dispute in progress.  You will have to wait until it is closed.

If your wife has any cc debt. she can pay this down and get a score boost!

[Anonymous]

Sorry I do not agree with you on being able to apply for a loan when a dispute is in progress.  Also my wife CC are paid in full also.

Message Edited by glassblower1 on 02-25-2008 05:06 PM

[sunrise]

When we went to apply for a mtg, we were unable to go through Fannie Mae's system because of a pending dispute.

Our lender told us that if we have a pending dispute Fannie Mae will not give a response.

[ShanetheMortgageMan]

sunrise, are you sure it was Fannie Mae's system and not Freddie Mac's?  Fannie Mae is OK with disputed accounts (I'm actually doing several loans for clients who have disputed accounts), but Freddie Mac would not accept someone with a pending dispute.

glassblower, for the best conforming rates, when putting less than 30% down, it's best to have a 680+ mid score from all applicants.  It definitely think your wife's scores should see a nice jump when that mortgage balance is reported as $0 and the past due amount is removed.

[sunrise]

Yes, it was Freddie....sorry, my bad.    I had to make a call to be for sure!  I was told our mtg. couldn't be sent through "underwriting" with our dispute pending......he didn't tell me it was Freddie!  I just assumed it was Fannie. ( you know what they say about assuming? I'm guilty!) 

I kept asking our banker questions about "Fannie" AU...he never once told me they used Freddie??!! He has been a grouchy banker...really considering going elsewhere!  Oh, well!

Sorry, glassblower!

[ShanetheMortgageMan]

Hey no problem, perhaps he just didn't want to correct you since it really didn't make a difference because they only used Freddie... he just didn't want you to go out and find someone who used Fannie

[sunrise]

shane.....I think you are right!!