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Dead end

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Valued Contributor

Dead end

Well why ibhoped to get into the range of MMS 720, I have exhausted all efforts and looks like I will be stuck with a 676, so FHA it is. Kinda depressing but I have learned a lot and done my best!!
Message 1 of 21
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Valued Contributor

Re: Dead end


@Sbrooks1 wrote:
Well why ibhoped to get into the range of MMS 720, I have exhausted all efforts and looks like I will be stuck with a 676, so FHA it is. Kinda depressing but I have learned a lot and done my best!!

Hi Sbrooks1,

 

Congratulations on rebuilding your credit.

You may still qualify for a conventional loan but if you don't, you have no reason to be depressed. FHA is a great program & FHA is dropping the MI so your monthly payment will probably be less than if you went with a conventional loan.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 21
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Contributor

Re: Dead end

I feel your pain......im stuck at 675 :/
Message 3 of 21
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Valued Contributor

Re: Dead end

I am so glad the pmi is dropping!!!! I will just be grateful to be in a home , but was hoping to get a little higher score!!
Message 4 of 21
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Frequent Contributor

Re: Dead end

Awesome!! Not bad but the 700's lasted a short while for me lol (2-3days) lmaooooo thought I had it all down pact, you still have time so maybe you can get the score youre working so hard for by the time closing comes for you. Good Luck!!

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 5 of 21
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Valued Contributor

Re: Dead end

I've decided against building so closing should take 30 -45 days if I get approved. So probably would not repull. I don't even know if I will qualify between the IRS ID theft and transcript issues and the installment plan.
Message 6 of 21
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Valued Contributor

Re: Dead end

Jamevfan, you paid your cards down are they going to do a rapid rescore?
Message 7 of 21
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Super Contributor

Re: Dead end

compare conv......   many lenders can do conv down to 620 with just 5% down.

 

with fha pmi for life of loan....  it is a consideration..... depending on how long you plan on being in the loan

 

Retired Lender
Message 8 of 21
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Valued Contributor

Re: Dead end

I only plan to stay 5 years, but with a 676 mid score conventional rates would kill me 🤔
Message 9 of 21
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Frequent Contributor

Re: Dead end

Long story, I am awake at midnight waiting for a fax for the requested letter needed so I can submit tomorrow to begin my rapid rescore. So far there is nothing rapid about the whole process.......gonna be a long night. :0)

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 10 of 21
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