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FHA - Loan - Just short

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New Contributor

FHA - Loan - Just short

Well back in November my middle score was 560; after working on it for the last 3 months I got my credit pulled again.  633...  Seven points shy of the much needed 640.  Looks like we are on the side lines for another 30 days to see what happens.  It's too bad as we had found a home we liked.

TU - 550 / EQ - 521 all from myFICO as of 3/3/13
TU - 558 / EQ - 573 all from myFICO as of 3/23/13
TU - 610 / EQ - 603 / EX 655 - all from myfico as of 1.22.14
TU - 632 / EQ - 619 / EX - 673... all from myfico 3.15.14
TU - 658 / EQ - 619 / EX - 659 ... all from myfico 3.31.14
Message 1 of 23
22 REPLIES 22
Regular Contributor

Re: FHA - Loan - Just short

thats one impressive increase!

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Message 2 of 23
Contributor

Re: FHA - Loan - Just short

You need to find a corresponding lender.

 

630 is a buyable FICO with most.

 

Stay away from the big banks. They have the overlays and usually want a higher score.

Message 3 of 23
Regular Contributor

Re: FHA - Loan - Just short

Lenders are able to work some magic with rapid rescoring. You might be there. I went through Wellsfargo with middle score of 606 and was denied but then 2 weeks later I applied at Bay Equity Mortgage and was approved through FHA. Middle score of 655. You just might be good! Go, to a smaller mortgage company in your area that does in house financing and you have a very good chance of being approved. Your Beacon 5.0 Transunion score that the bank pulles is ussaully 10+ points higher then the score you get from here. My Transunion score on here was 633 but when the bank pulled it, it was 689! Everybody out there that thinks your score might not be good enough needs to apply because you might just be suprised! Good Luck!!!

 

Lender pull 2/28/14 (EQ 640) (TR 660) (EX 655)

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669
Message 4 of 23
Community Leader
Super Contributor

Re: FHA - Loan - Just short


@edcampbell613 wrote:

You need to find a corresponding lender.

 

630 is a buyable FICO with most.

 

Stay away from the big banks. They have the overlays and usually want a higher score.


+1.  A 620 score seems to be the standard minimum score requirement.  We're even seen more and more lenders being OK down to a 580 score, and still a handful OK down to a 500.  The rates below a 620 aren't that pretty though.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 5 of 23
New Contributor

Re: FHA - Loan - Just short

My lender " Prospect Mortgage" told me they could do below 640 but i would have to prove 12 months rental history.  Although I pay for half of our rent my fiancee has been writing the checks out of her account Smiley Sad so i dont meet the criteria. 

TU - 550 / EQ - 521 all from myFICO as of 3/3/13
TU - 558 / EQ - 573 all from myFICO as of 3/23/13
TU - 610 / EQ - 603 / EX 655 - all from myfico as of 1.22.14
TU - 632 / EQ - 619 / EX - 673... all from myfico 3.15.14
TU - 658 / EQ - 619 / EX - 659 ... all from myfico 3.31.14
Message 6 of 23
Regular Contributor

Re: FHA - Loan - Just short


@ShanetheMortgageMan wrote:

@edcampbell613 wrote:

You need to find a corresponding lender.

 

630 is a buyable FICO with most.

 

Stay away from the big banks. They have the overlays and usually want a higher score.


+1.  A 620 score seems to be the standard minimum score requirement.  We're even seen more and more lenders being OK down to a 580 score, and still a handful OK down to a 500.  The rates below a 620 aren't that pretty though.


I'd like to know which lenders will approve with a score down to 580. I'm working on getting my scores up to 640 in the next couple of months, but it would be nice to have other options incase I don't see the score jump I'm hoping for.

Message 7 of 23
New Contributor

Re: FHA - Loan - Just short

Quicken Loans just did a smooth FHA loan for me. My middle score was 597. 

JUL 2015 FICO: EX 705 | EQ 694 | TU 692
APR 2014 FICO: EX 651 | EQ 635 | TU 671
DEC 2013 FICO: EX 628 | EQ 559 | TU 655
Message 8 of 23
New Contributor

Re: FHA - Loan - Just short

I was gonig to wait 30D and then have "Prospect" repull my CR.  If I have Quicken pull my report with the inquires "KILL" my credit score?

TU - 550 / EQ - 521 all from myFICO as of 3/3/13
TU - 558 / EQ - 573 all from myFICO as of 3/23/13
TU - 610 / EQ - 603 / EX 655 - all from myfico as of 1.22.14
TU - 632 / EQ - 619 / EX - 673... all from myfico 3.15.14
TU - 658 / EQ - 619 / EX - 659 ... all from myfico 3.31.14
Message 9 of 23
New Contributor

Re: FHA - Loan - Just short

I dont know about "kill," but I do know that when the pulls are 30+ days apart it will adversely effect your score. 

 

It is said you are able to have multiple mortgage pulls within 30 days (the shopping period) and it will only effect your score as 1 pull. 

JUL 2015 FICO: EX 705 | EQ 694 | TU 692
APR 2014 FICO: EX 651 | EQ 635 | TU 671
DEC 2013 FICO: EX 628 | EQ 559 | TU 655
Message 10 of 23
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