topic Re: Help Please!! in Mortgage Loans

Help Please!!

juice — Tue, 25 Feb 2014 20:32:29 GMT

I Applied for a mortgage loan today I have come so far. The Loan officer said my middle score was 650 my Fiance' 622. My other half has a car charge off for 2000 in 2012. I have two medicals each $96 dollars. But the loan officer kept harping on the medical debt lol and the charge offs is it not possible to get a loan with two medical collections and a charge off?

Re: Help Please!!

DallasLoanGuy — Tue, 25 Feb 2014 23:51:53 GMT

Why was he harping? for score reasons? or credit reasons?

a couple of med collections have never given me heartburn

Re: Help Please!!

juice — Tue, 25 Feb 2014 23:57:35 GMT

Mostly about my medicals the two for 96 each Which will be removed in a few weeks thanks to the doctor and also he charge off for 2300 which is report a balance of 0. I'm stuck its my credit union i though we would for sure get approved this time.

Re: Help Please!!

DallasLoanGuy — Wed, 26 Feb 2014 00:44:36 GMT

lender guideline overlays..... are added to the actual loan guidelines.....

sounds like they have some crazy ones.

most lenders will not care a hill of beans about those small accounts

Re: Help Please!!

juice — Wed, 26 Feb 2014 00:57:11 GMT

Should i try another lender and will other pulls effect my credit score?

Re: Help Please!!

ShanetheMortgageMan — Wed, 26 Feb 2014 05:45:39 GMT

When did the medical collections happen? In the past 12 months?

Here is good reading on how inquiries impact your score: http://www.myfico.com/CreditEducation/CreditChecks.aspx?

Re: Help Please!!

juice — Wed, 26 Feb 2014 12:55:45 GMT

Early 2011.. Also thanks for the link so going to another lender and applying shouldn't effect my credit score anymore?

Re: Help Please!!

ShanetheMortgageMan — Wed, 26 Feb 2014 16:42:18 GMT

The medical collections really shouldn't be a problem, they are about 3 years old.

It depends on when your credit was first checked, usually you have a 30-day window for additional mortgage inquiries not to impact your score. After that window is closed, then a new inquiry will impact your score and start a new 30-day window.

Re: Help Please!!

juice — Wed, 26 Feb 2014 20:12:24 GMT

Yesterday is when my credit report was checked.

Re: Help Please!!

ShanetheMortgageMan — Wed, 26 Feb 2014 21:15:02 GMT

Then your window began yesterday (unless you had a previous mortgage inquiry within the past 30 days). Now even though they say that additional inquiries don't impact your score, I've read posts from people who say that they feel like the additional inquiries did impact their score even if it was within a 30 day window. So you should be cautious on how many times your credit is checked, but realize a credit check will be needed. I'd see if you could get a copy of your credit report from the first lender so you can provide it to any new loan officer you want to take a look at your situation.

Re: Help Please!!

juice — Wed, 26 Feb 2014 22:39:50 GMT

After Denying me the other day and me complaining on facebook I get a call and and email from my credit union stating " Please send me detailed letters of explanation for 2 medicals. I need another explanation for M & T Bank charge off auto loan. This needs to be very detailed as well. Once I recieve your letters, I will then take it to the underwriter and see if she would be willing to do the loan for you. As we discussed, you would have to put 15% since we will not be able to obtain mortgage insurance due to higher credit score which is needed. Do you have the 15% to put down on the purchase?" Our scores when Citi Mortgage pulled today is 654/652 respectivaley They never once said they couldn't provide mortgage insurance for the loan with 4% down is this lady just feeding me BS? She stated in order to get mortgage insurance you have to have a 680 score.