topic Re: Nationstar Mortgage via KB Home in Mortgage Loans

Nationstar Mortgage via KB Home

Anonymous — Tue, 29 Jul 2014 02:39:48 GMT

First post on this site....

Looking for advice from anyone with experience with Nationstar Mortgage and/or building through KB Home. We want to do FHA, do they honor the 580 min credit score? Do they use the credit report of both me and my wife or just use mine because my income is higher?

Thanks in advance...

Re: Nationstar Mortgage via KB Home

ShanetheMortgageMan — Tue, 29 Jul 2014 04:46:48 GMT

The lowest middle (median) credit score of all applicants is used. So if it is just you on the mortgage, just your scores will be used... if it's you & your wife, then the lower of the two of yours would be used.

Not sure what NationStar's minimum credit score on FHA is that they'll accept. FHA will go all the way down to a 500 (anything less than a 580 will require 10% down).

Re: Nationstar Mortgage via KB Home

ezdriver — Wed, 30 Jul 2014 03:44:57 GMT

@Anonymous wrote:
First post on this site....

Looking for advice from anyone with experience with Nationstar Mortgage and/or building through KB Home. We want to do FHA, do they honor the 580 min credit score? Do they use the credit report of both me and my wife or just use mine because my income is higher?

Thanks in advance...

JS

Why don't you simply call an LO and ask them? What a lender's guideline will accomodate may not be reflected by an individual's experience.

Re: Nationstar Mortgage via KB Home

FLAJenn — Sun, 17 Aug 2014 14:00:17 GMT

My fiance and I got our FHA for our new construction KB home in September last year via Nationstar and their min was 620. I don't know if it has changed since then. Since we both were on the loan they used both our scores and incomes. They used the lowest middle score out of both of us and that ended up being 625. We got a 4.25 rate.

Re: Nationstar Mortgage via KB Home

ezdriver — Sun, 17 Aug 2014 16:11:39 GMT

@Anonymous wrote:
First post on this site....

Looking for advice from anyone with experience with Nationstar Mortgage and/or building through KB Home. We want to do FHA, do they honor the 580 min credit score? Do they use the credit report of both me and my wife or just use mine because my income is higher?

Thanks in advance...

JS

Firstly, KB Home's lender is now called Home Community Mortgage ... jointly owned by KB Home and Nationstar.

Since you have to be pre-approved by HCM in order to sign a purchase agreement anyway, I recommend that you contact an HCM loan officer [via your KB Home sales counselor] and let them try to approve you. If they cannot approve you, you are free to use another lender of your choice and still receive the closing costs assistance/contribution that KB Home offers. All the best with your home purchase pursuit.

Re: Nationstar Mortgage via KB Home

Anonymous — Sun, 17 Aug 2014 18:12:48 GMT

Thanks for the replies!