@Anonymous wrote:
Sorry. Should have provided more info. But thanks for everyone's imput.....I ill try to provide more
The loan was denied purely based on the 5 points of credit which is why I was so bummmed.....
Everything else was fine. DTI was ~30%, they said I needed under 43% to qualify
The middle mortgage was 675 and I need a 680 for this 5% down loan. Th
ey said I qualified for 20% down but we need the 5% cuz I'd rather pay down my loans at some point.
Studnet loans are 7.5%
Car loans are at ~5%
In these days of securitization and bundling of mortgages, the fact that the bank says you're qualified doesn't necessarily mean you can afford it.
Only you can make that determination.
From what I saw, I think you're not ready financially to make that plunge.
But if you think you are, good luck.
In response to your initial question I don't know of a quick fix for your score.
@Anonymous wrote:
Thank you. That's the type of advice i was looking for. Only problem with looking at other lenders and stuff is that......they will pull credit again which will drop my score again....which is what I want to avoid.....
Actually not really; if you know all your details you just call and ask. They don't need to pull to let you know whether you qualify or not, mortgages are very very well characterized at all lenders, and the minimum FICO score required by loan product is well documented to the point likely every single mortgage banker has a copy on their desk or in their first drawer.
IF you find someone who will do a deal, then you make the application, not before that.
@Anonymous wrote:
Thank you. I was unaware of that. I will just call around and see if I would qualify for their mortgage products.......didn't know they could do that. Before other companies told me they couldn't tell me if I could qualify until they pulled my credit......seems like those may have been scams???
Maybe just uninformed. Mortgage lenders should have their tier sheets readily handy, and if they won't tell you what's on it, well that's a red flag to me and I walk personally.
You're not looking for the rate they can offer you, you need to know whether with this particular score, and this particular downpayment, and this particular DTI ratio, do you have a product that will work for me on this size house? Anyone should be able to tell you that in a few minutes... they typically could quote rate, but the overwhelming majority of consumers aren't walking in armed with the same information you are. Information is power in this case.
