Can anyone tell me if this makes sense?

[Anonymous]

Ok so I've posted on here a couple of times about our credit score issue.... I've also been reading a lot of info from other peoples stories.

I have been working with a mortgage broker that pulled my husbands scores last week.. When he pulled them the scores are as follows:

EX - 641

EQ: 595

TU: 590

There were a couple of things that still needed cleared up. So I did this last week.. As of yesterday we just got a score update from here and the EQ score is now at: 604.

When I went into the broker last week I really thought the middle score was going to be at least 620.. But it wasn't and I went and did the couple of things that could be done (I posted about them in the credit score forum). My broker could tell that I was really upset about this (probably because I broke down and cried in his office) because, we have found a home that we really really really want... It fits every need/want we have in a house...

So the broker told me that if we really want the house that bad we need to be making an offer on it because he didn't see any reason why we wouldn't be able to close within 90 days...

HOWEVER! He did not do the "Formal App" or offer a pre-approval or approval with conditions letter or ANYTHING...

I've also heard of this "Rapid Rescore" thing but, I know nothing about it and he isn't offering any info into it...

I feel like he has just turned his back on us because we weren't there quite yet... OH! But, he has referred me to some Credit Repair guy that wants to charge me $230-$390 (he said $130 a month) to do things I've already done...

I should probably add that we are going for a VA Loan - Which the VA does not have a required score but, I do understand the individual lender can still require one..

Does this make sense to anyone that he has offered NO documentation of any kind even though we do have one score that is above the 620 score??? 

[Anonymous]

Unfortunately because your scores aren't quite there I think at this point referring you to a Credit Repair group is really all he can  really do. I do think, however that you can get the work done to get your scores where they need to be on your own without the credit repair company.

A Rapid Rescore is when you pay down your credit cards to boost your score and you want them to report right away without waiting for the statement cut off. If you haven't done or if this just doesn't apply to you then that's probably why he didn't mention it to you.

Don't give up,keep working on your scores.  The homebuying process is long and stressful but is worth it in the end.

[Anonymous]

Thank you.. I just think it's kind of shady that he told us to make an offer or get a purchase agreement going and yet he wouldn't give us any Pre-approval

[bosox52981]

Unfortunately, I think you'll have a tough time getting an offer accepted if you don't have a preapproval letter. We had to provide a copy as part of our offer.

[Catacam]

Watching, there are some options out there for your scores. Check out MBOhio's thread, Getting to 620. She just recently closed with sub 620 scores, and I am in Underwriting waiting for conditions, so it is possible. Don't give up and keep working towards your home!!

[StartingOver10]

It is far better for him to not offer you a pre-approval because he can't write the loan with his company with only one score above 620. Doesn't he need to have the mid-score at 620?

It is far better to be fully prepared with your loan so you are in position to make an offer and know you will be able to close.

It is typical for the CRA's to have a lag time from the time you have actually "corrected" the credit issue. I'm working with a couple right now that was where you are now and it actually took an additional 30 days for all the corrections to report.  In the meantime, we have found the right house. But we waited to get the actual mid-score to 620 so any offer we made was taken seriously. You don't want to make an offer and then find out that the mid-score didn't make it. It cost you money for inspections and application fees and you don't get that money back if you don't get approved (unless you set it up in the contract for a refund and the seller will suspect you are a weak buyer if you require a refund for inspection fees and application fees).

[DallasLoanGuy]

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@Anonymous wrote:

Thank you.. I just think it's kind of shady that he told us to make an offer or get a purchase agreement going and yet he wouldn't give us any Pre-approval

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yeah.... this doesn't sound very responsible at all.

i would think another loan officer(looking out for YOUR best interest) might should be explored.