topic Re: Mortgage approval in Mortgage Loans

Mortgage approval

Anonymous — Mon, 14 May 2012 18:56:23 GMT

OMG, this process is really taking its toll on me....I have been trying to get my score to at least a 620 for a year to qulify for a mortgage. this time i got a response from the lender stating " you are now at a 615. I will need to pull some reports because it says that if immediate action is taken, uoy could be at a 633" what does that mean. She is suppose to be getting back with me and on top of the she told me that I would only qualify for a RD loan because FHA requires a 640 now...bomber...I cant jump over all these hurdles...its depressing.

Re: Mortgage approval

Familywantsahouse — Mon, 14 May 2012 20:08:35 GMT

My guess is she did something called a "rapid rescore" which is a program they use to determine if you do x to your credit then you will get y points, so my guess is she ahs a scenario where you can pay something down and you'll get enough points to qualify.

Our rapid rescore was based on the removal of nrgative accounts, which is trickier but doable!

Re: Mortgage approval

Anonymous — Mon, 14 May 2012 21:23:36 GMT

Yea, i bet thats what she will say. I pulled my account today and there is an account on there for a collection agency. It just popped up, I am so hurt..

Re: Mortgage approval

boomhower — Mon, 14 May 2012 23:33:39 GMT

FHA doesn't require a 640. That lender may but there are others out there that don't. Technically FHA can go down to 580.

Re: Mortgage approval

TanterBeans — Tue, 15 May 2012 01:15:10 GMT

If FHA can technically go down to 580, what lender will do it??? I've heard of one maybe but that's it and we haven't tried contacting them just yet because really want to go the VA route instead. Anyone heard of any lender doing VA below 620?

boomhower wrote:
FHA doesn't require a 640. That lender may but there are others out there that don't. Technically FHA can go down to 580.

Re: Mortgage approval

Anonymous — Thu, 17 May 2012 20:53:25 GMT

you were correct it was a rapid restore.. and I would have been ready, but a online payday loan from 2008 pop up from someplace who is suppose to be a legsl firm. they would not validate the information, nor where they trying to settle..