@StartingOver10 wrote:
@Anonymous wrote:I bought the car june 2009 paid off Feb 2013 no lates or missed payments...so I can't apply for a first time home loan??I received my discover it fico score from experian its 729 ..How long do I have to wait before I apply for a motgage?
Let one of the LO's pop in and answer this ^^^^. I think you are very close to being able to apply because your auto loan was a good long TL. Do you have any other older paid and closed accounts that you have paid satisfactorily on your CR?
Just got word back from underwriting... for our overlay we can use closed TLs if there is a DU approval. 
@Anonymous wrote:I don't understand how people with bankruptcy or credit issues can apply in a few short years and I've never had any loan defaults of any kind hinder me for approval.. How do I find lenders that while approve my situation? Do I call around and ask what overlays are acceptable for them?
...its the catch-22 of the credit world ...if you never/rarely used it, you don't have it ...otherwise known as a "thin" credit file ...mystifies a lot more people than just you, eh
@Anonymous wrote:Just for clarification, we have no overlay for FHA tradelines, just conventional.
...got it
@Anonymous wrote:
@StartingOver10 wrote:
@Anonymous wrote:I bought the car june 2009 paid off Feb 2013 no lates or missed payments...so I can't apply for a first time home loan??I received my discover it fico score from experian its 729 ..How long do I have to wait before I apply for a motgage?
Let one of the LO's pop in and answer this ^^^^. I think you are very close to being able to apply because your auto loan was a good long TL. Do you have any other older paid and closed accounts that you have paid satisfactorily on your CR?
Just got word back from underwriting... for our overlay we can use closed TLs if there is a DU approval.
^^^Yea, great news for the OP!
@Anonymous wrote:I started the home buying process. My motgage scores are 678 715 722.I just paid off my credit card to bump it up.I have a clean file and over 2yrs aaoa..I started this november 5.I gave her w2, checking info, check stubs.she haven't told me if I'm prequalified or preapproved.Does it take this long just the process or should I find someone else
...assuming you've given us the full story, then no, it should not take anywhere near that long ...with your provided info, I'd expect a pre-qual the same or next day and a pre-app within 3 business days.
...if you're sure you've provided everything requested and you've gotten no response, then its well past time to move on
...I'd suggest you apply with at least 3 loan providers ...a mortgage broker, a mortgage lender, and a bank or credit union ...you're not committing yourself to anything, just doing your due diligence ...don't get trapped into believing you owe a LO anything until you've signed a contract ...they are selling loans ...you're the buyer ...be a smart one, eh
@Anonymous wrote:Yes I gave you full story.She did a hard pull on November 5th..If I find another lender wouldn't that inquiry go against me cause its not within the 2 week period for mortgage shopping?
...its usually a 30 day window for mortgage shopping but it does vary ...it will show as a mortgage inquiry ...and it won't kill your score ...besides which, what choice do you have? ...go mortgage shopping, its a slow time of the year for them ...take a copy of your most recent CRs, tell them not to pull unless you authorize, you just want to talk to them re rates and service ...pick one ...hth