I had my scores pulled today & I have a 620 mid score. I have a pre-approval through FGMC, but rate is in the 4's so I'd like to shop around. Contacted WF & they told me they just raised requirements to 640. Amerifirst told me they also need to see 640 - possible a 620 but didn't sound very likely. Anyone else know of any lenders with a competitive rate at 620?
I do have a chance that score will be up to 640 once myvalances are updated to zero on a couple of cards....but would like some options in the meantime.
seconded....I sat at 639 for a few weeks, talk about nerve wracking. I'm almost to closing for on a USDA Guaranteed loan; my experience has been that you have to get to 640. My score on the loan app was 640; spouses was 700. We are locked in at 3.25%.
Once you get up to 640 I would talk to a few mortgage brokers. In my experience they can help find the best rates!
I know you guys are all right....best thing to do is wait until I'm at 640. There is a house we love though, so I was hoping we could put in an offer while were waiting for my scores to go up, but I also don't want to get locked in to purchasing at a higher rate!!
We put in an offer before my score reached 640 (it sat at 639 right up until the day it was sent to the underwriter--and then went to 640). My loan officer is amazing and did automatic rescores to get me to the 639. If you have credit card balances that are lower than what is reported, and have a loan officer worth their salt--you should be able to get the auto rescore. Once she pulled my credit report, she was able to tell me exactly what to do to get to 640.
Thanks Hopeful - what Lender did you go through?
I'm in Ohio and our lender is American Mortgage Service Co.. Good luck
I would find a broker now and have him run you thru DU and see what options you have. You might be much closer then you think, dont wait to talk to the bank.