Re: 620 score exactly - what lenders.?

tshope4205 · ‎11-09-2012

I had my scores pulled today & I have a 620 mid score. I have a pre-approval through FGMC, but rate is in the 4's so I'd like to shop around. Contacted WF & they told me they just raised requirements to 640. Amerifirst told me they also need to see 640 - possible a 620 but didn't sound very likely. Anyone else know of any lenders with a competitive rate at 620?

I do have a chance that score will be up to 640 once myvalances are updated to zero on a couple of cards....but would like some options in the meantime.

Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700

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tooleman694 · ‎08-25-2011

I would wait it out till you get over 640, the trip from 620 to 640 is very quick.

hopefulKT · ‎06-11-2012

seconded....I sat at 639 for a few weeks, talk about nerve wracking. I'm almost to closing for on a USDA Guaranteed loan; my experience has been that you have to get to 640. My score on the loan app was 640; spouses was 700. We are locked in at 3.25%.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home

AJC1987 · ‎03-29-2009

Once you get up to 640 I would talk to a few mortgage brokers. In my experience they can help find the best rates!

Starting Score: 570
Current Score: EQF: 756.... 10.25.2012 TU: 759.....10.25.2012 EXP: 744 (vantage score)..... 10.25.2012
Closed on first house! 12.10.12
Goal Score: 750

Take the FICO Fitness Challenge

tshope4205 · ‎11-09-2012

I know you guys are all right....best thing to do is wait until I'm at 640. There is a house we love though, so I was hoping we could put in an offer while were waiting for my scores to go up, but I also don't want to get locked in to purchasing at a higher rate!!

Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700

Take the FICO Fitness Challenge

hopefulKT · ‎06-11-2012

We put in an offer before my score reached 640 (it sat at 639 right up until the day it was sent to the underwriter--and then went to 640). My loan officer is amazing and did automatic rescores to get me to the 639. If you have credit card balances that are lower than what is reported, and have a loan officer worth their salt--you should be able to get the auto rescore. Once she pulled my credit report, she was able to tell me exactly what to do to get to 640.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home

tshope4205 · ‎11-09-2012

Thanks Hopeful - what Lender did you go through?

Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700

Take the FICO Fitness Challenge

hopefulKT · ‎06-11-2012

I'm in Ohio and our lender is American Mortgage Service Co.. Good luck

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home

tooleman694 · ‎08-25-2011

I would find a broker now and have him run you thru DU and see what options you have. You might be much closer then you think, dont wait to talk to the bank.