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manual pre-approval?

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MarieSmiles4
Valued Member

manual pre-approval?

Anyone know why your loan app would need to be manually approved, after it was auto approved?  We got an approval auto, and I was told bc my score is lower than desirable they would also need to do a manual pre-approval.  Is this standard? Who is doing the manual approval, and what are they looking for?

I always thought the broker would punch in the numbers look at credit, plug it into the computer and it's either yes, or no.  I didn't think this manual stuff happened until the end with underwriters, ect.  Any words of wisdom?  

 

THANKS! Smiley Happy


Starting Score: 568
Current Score: EQ624, TU630 TU04 606, EX640
Goal Score: 700


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6 REPLIES 6
tirado126
Contributor

Re: manual pre-approval?

who are you going through? I have roughly the same scores and am looking for a preapproval myself.

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Message 2 of 7
MarieSmiles4
Valued Member

Re: manual pre-approval?

I have a loan broker, so I am not sure.  She told me she could get me a loan as long as my mid score was 600.  It's an FHA loan 3.5% down.   We did get our pre-approval about 24 hours after it went to a manual review. Smiley Happy

 

Good luck, there are people out there that can help with lower scores, but they are hard to find!


Starting Score: 568
Current Score: EQ624, TU630 TU04 606, EX640
Goal Score: 700


Take the myFICO Fitness Challenge
Message 3 of 7
JM-AM
Valued Contributor

Re: manual pre-approval?

Lower scores can generate a manual review. It is very normal for many Lenders.

Good Luck
May all your dreams and wishes become a reality!
Message 4 of 7
tirado126
Contributor

Re: manual pre-approval?

can you pm me your loan broker's info? i'm in the same boat as you and looking for a preapproval.

--------------------------------------------------------------------------------
Starting Score: EQ 542, TU 503, EX 580 (all lender pulled 06/07/11)
Current Score: EQ 649, TU 722, EX 654 (pulled Dec 2013)
Goal Score: 700 club for all 3 agencies!

CapOne$750/FP$400/Matrix$300/VS$500/Walmart$500/BestBuy$1K/KayJeweler$2K (last app 12/16/13)
Message 5 of 7
MarieSmiles4
Valued Member

Re: manual pre-approval?

Sorry for the late response! Just saw this.

We are going through Coldwell Banker Mortgage. They will do FHA with 600 credit scores if everything is at least 12 months clean.


Starting Score: 568
Current Score: EQ624, TU630 TU04 606, EX640
Goal Score: 700


Take the myFICO Fitness Challenge
Message 6 of 7
ecalmese
Regular Contributor

Re: manual pre-approval?


@MarieSmiles4 wrote:

Sorry for the late response! Just saw this.

We are going through Coldwell Banker Mortgage. They will do FHA with 600 credit scores if everything is at least 12 months clean.


how did the manual process go? are yu a current homeowner? how long did the process take?

 

thank you

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Message 7 of 7
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