topic Re: How do we stand we these scores? in Mortgage Loans

How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 17:57:05 GMT

Happy Holidays !!!

My husband and I plan on applying for a new construction loan in the next few months and looking for feedback on how our scores stand. These scores were just printed from Fico 3B. Discharged from BK 13 9/14

Me:

Eq: (5) - 703

Tu: (4) - 748

Exp: (2) - 706

Husband:

Eq: (5) - 728

Tu: (4) - 772

Exp: (2) - 714

Re: How do we stand we these scores?

nmjacobs — Fri, 23 Dec 2016 20:28:07 GMT

Are these your FICO 8 or the mortgage scores (those are under the "other versions" section of the report)?

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 20:57:58 GMT

See the (). These are the 3B Equifax score model 5, the TU score model 4 and Exp score model 2. All mortgage scores.

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 20:59:10 GMT

if those are your morgage scores you should be fine, unless your DTI is out of wack then your going to run into problems.

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 21:01:51 GMT

Not worried about DTI, pretty good. I am worried about the BK that was discharged in 9/14.

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 22:14:44 GMT

Turns out my fear was justified. The bank that the builder uses wont even consider a construction loan with a BK on file.

Re: How do we stand we these scores?

elim — Fri, 23 Dec 2016 22:18:45 GMT

bummer... sorry.

the search continues!

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 22:36:31 GMT

dont give up.i was told by alot of people realtor and some morgage lenders i couldnt get a hud foreclosed doublewide that needs repairs,one morgae company called yesterday said i have 3 potentialm lenders who will,so im a little more hopeful now.ill know soon after christmas

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 23:02:15 GMT

Trying to clear the lump in my throat and get some hope here, but not looking good so far.

I wish you the best of luck, BigRed !! I really hope this works out for you. A nice Christmas present.

Re: How do we stand we these scores?

jamevfan — Fri, 23 Dec 2016 23:24:51 GMT

Nice scores beach but you do not have to use the builder lender unless they are offering some crazy good incentive. Im worried about my scores we are in the middle of a build and i had to take the dispute comments off my file and it has dropped my scores to where qe are borderline. However i still have crazy Faith that the home is ours.

Shop or ask around because some banks will pick you up with a BK, read some of the forums on recent BK and getting a mortgage im sure you will be just fine

Re: How do we stand we these scores?

StartingOver10 — Fri, 23 Dec 2016 23:30:56 GMT

Each individual lender has its own criteria/guidelines for their own programs. The guidelines have to comport with Fannie and Freddie and HUD depending upon the type of loan, but the lender is allowed to be more restrictive with their guidelines.

It sounds like this particular lender is very restrictive. That doesn't mean that there isn't a lender for you. You just need to research and inquire into other lenders. If your builder is not approved with one that will approve you, then he will have to also get approved with them in order for you to get your construction loan.

Remember, not every lender does every type of loan. This is a good time to get in touch with a mortgage broker that has an extensive database of lenders, You can do this

Re: How do we stand we these scores?

Anonymous — Fri, 23 Dec 2016 23:49:25 GMT

Thanks for the boost. I needed that. I actually just started to delete comments from bk this week, at least with Experian because I knew that would be an issue upon mortgage app. I figured one burea at a time to see the affect. Haven't seen anything yet but just did it a few days ago. My next fear !! Ugh.

Sounds like you are doing great and I wish you the best with your build. Now the hunt for a lender who will take us on. It just kind of burst my bubble tonight.