401k loan to raise FICO score to get approved for mortgage

[GeorgiaGG]

Thanks everyone!  I will get these GW letters out and get the 401k loan process started ASAP

[Anonymous]

I might hold off on the loan until you check your mortgage scores and talk with a lender. See what they say and many of them have a simulator that will tell you exactly what you need to get your mortgage scores up.

I'd keep that 401k on hand if you need downpayment funds or need to show reserves.

Just my 2 cents.

[holmesnmanny]

This is a great idea. Just make sure you don't pay down your credit cards only to add more balances to them after. Ideally, you want all cards to show less than 10% of utilization.