625 Mid

[HanginInThere]

Anyone 625 midscore with only 12 months of non late payments get approved lately?

[WannaHouse]

Hard to tell with only that amount of info.

[HanginInThere]

Then many people should meet the criteria!

[Anonymous]

I think what they mean is - depends on what you have for deposit, income, closing costs, what does the rest of your report look like? How many lates and when, any charge offs, and judgements, bankruptcy, ever been foreclosed on, if so when,  what open lines of credit do you have, how long is your history, how long is your work history - are you married, will your spouse be on the loan if they are what is their history like, if you are and not going to have spouse on loan do you live in a community property state, what is your current DTI ratio like, what will it be like including the mortgage and tax and insurance? etc etc

Message Edited by Susyquk on 06-25-2009 10:13 PM

[HanginInThere]

Sorry!

My mid is about  625 (granted, that's assuming a lot, especially since i can't see all 3, but only 2..)

I currently only have about 1k total saved, although my dad can gift me 3500.

I had about 5 accounts derogatory, 2 of which were  120 days late, and 4 were all settled for less than owed. 

My DTI is approx  19%, not including the following:

Student loans (about 40k, however it's in defferment until 2011, which I am supposed to graduate and need to pay 6 months after ...so it's actually 2012).  I do have a letter stating my intended graduation date as well as when to set payments up in 2012.  I can't figure this in because I have no payment owed, although I would guess it would be about $300 max....which would knock my dti up to  26%

It does NOT include any income from my GF.  She gives me exactly $500 per month, for the past 2 years.  Her paycheck is actually auto deposited in my acct every 2 weeks, so not sure if that counts?  If so, then my DTI would be less.

I have 1 collection acct, although it was paid in full.  It was their fault and i'm working to get it taken off, although they are not being easy to get a long with.

I've had the same job, 40 hrs per week +, for the past 7 years 2 months.  

[Anonymous]

You appear to meet the minimum requirements. People do get approved with the minimum, you just can't have any skeletons in your closet or a very strict lender.

As i'm sure you already know:

Your score is very close so that could become a problem.

Your DTI could be a problem if the SL and gf's auto is included.

Your low cash reserves could be a problem.

Dates on past derogs will determine whether they're a problem.

At this point it's going to be an individual lender's decision, so i'd say go ahead and apply. They'll tell you what you need to work on, if anything

[WannaHouse]

I agree...go ahead and apply. If you have any CC's, try to get them paid way down to just a few dollars owed.

If your collections and lates are at least a year old, you may be fine. The money from GF will probably not count as she could dump you tomorrow and the money stops.  (not meant rudely, just how they think of it)

Give it a shot and keep working on improving the scores!

Good Luck!!