Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 wrote:





A few days ago I told Merryl Lynch Wealth Management that I would accept their :lies" about FnMae guidelines were changed, their lies about my Debt to Income ration being 49/51 when it is 20/80 and their need to get 4.1 APR on a 70/30 conforming loan even though they were offering at that time 3.5050 APR.




I think the OP is confused about calcukating DTI as well, but if not, he needs to understand that if he has bills totalling 80% of his gross income, it is unlikely he will be approved for any mortgage. Trying to argue with a lender that your bills are NOT 51% of your income, but rather they are much higher, at 80% of your gross income, is not going to help your case any.

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
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