Do i qualify Mortgage loan for 650k based on these scores? based in Michigan

[Anonymous]

Hi

I am a physician and got denied for jumbo loan last year due to 2 medical collection that i overlooked

Collection were paid off in 2016 but still hurting my score badly.

Currently i am monitoring my score and my CC utilization is at 5%.

Based on fico score these score available, i need to know do i qualify for loan

Fico Score 8

EQUIFAX 709

TRANSUNION 707

EXPERIAN 712

Mortgage FICO Score 5,4 and 2

EQUIFAX 673

TRANSUNION 676

EXPERIAN 712

[kc0039]

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@Anonymous wrote:

Hi

I am a physician and got denied for jumbo loan last year due to 2 medical collection that i overlooked

Collection were paid off in 2016 but still hurting my score badly.

Currently i am monitoring my score and my CC utilization is at 5%.

Based on fico score these score available, i need to know do i qualify for loan

Fico Score 8

EQUIFAX 709

TRANSUNION 707

EXPERIAN 712

Mortgage FICO Score 5,4 and 2

EQUIFAX 673

TRANSUNION 676

EXPERIAN 712

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It all depends on the lender. By my employer's guidelines, you would qualify for a jumbo mortgage loan all day long with 20% down. That's only because we would need median credit score to be 680 for 5% down for mortgage insurance. We will use FICO 5,4,2

[Anonymous]

Yes for jumbo loan is fine! but i am looking for loan with 5-10% down.

Is it difficult to get on these scores?

[kc0039]

It would be because all the mortgage insurance companies require 680 or better. With mortgages, we look at all 3 scores and pick the middle score. Not the median of the 3, but the middle score. You're literally 4 points away from getting a jumbo mortgage with only 5% down. I would love to help and guide you to a credit score of 680 or better to qualify for a jumbo loan.. It'll have PMI though.  

[Anonymous]

Yes I’m fine with PMI with 5% down.
mortgage score is not moving it’s been 3 months and I’m still see the same scores.

Other hand fico score 8 moved 20 points.

I don’t know how to reach 680 I’m doing what is in my knowledge .

Please help if you can.

[kc0039]

I'm PMing you

[matrix12]

My wife is an NP and we just bought a house about a year ago.  I was concerned about her student loan balance being a problem.  When we started mortgage shopping, I found out there are lenders that have special "physician mortgages" (but they are also available to NPs and PAs).  The lending standards are a little easier and the down payment requirements are not as tight.  I remember finding some that were 0-5% down, no PMI. 

I spoke to a few of the lenders and their explanation was your job stability, income, and mostly they want your future business.  You can find it by Googling "physician mortgage".  There are several lenders and if I remember correctly, some of the big banks even had special programs for doctors.