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My FICO scores are EXP:663, EFX:698,XPN:674. My Wifes FICO Scores- EXP:678,TUC Classic?-662, TUC Classic?-660
This was about two months ago when we got our credit History through our lender. Though In the last 2 months I have paid off all my Credit cards, and my FAKO not FICO, score was 711 then increased to 724. Will this change the FICO score a lot, or a little. And with me and my wifes FICO's will the loan be Approved throught a AUTOMATED UNDERWRITER??? I just want it to close fast, and going through a manual underwriter is more money for closing costs. Will my score and her score be great for the AUTOMATED UNDERWRITER?? Thanks
Paying off revolving debt almost always improves credit scores, so I have a good feeling your actual FICO scores will also increase just like your FAKO scores have.
Automated underwriting takes into consideration more than just credit scores & credit history. Help the FICO Forums help you has a list of the more important items that are evaluated. For most mortgages, one doesn't need pristine credit or excellent scores to get approved through automated underwriting. If one doesn't get approved through automated underwriting, being manual underwritten isn't more money for closing costs, although it often does result in having to provide more documentation to get approved.
I don't understand why you have 2 Experian scores and your wife has 2 TransUnion scores.
Also, utilization is 30% of your score, so expect a significant jump, especially if you went to $0 balance on all but one card and a less than 9% balance on that one.
The underwriter applies common sense/logic to the file, so they may ask for additional items that automated underwriting hasn't asked for. They also verify the figures used to obtain the automated approval are indeed the same figures on your documentation.
Im just afraid that If my Loan gets an "Approved" State under the Automatic Underwriter, and when the Human Underwriter goes through it, will deny it. But I shouldnt be afraid. Im a First time home buyer and ususally first time buyers have a million Questions.
A lot of people have that fear, but most of the time the fear never comes to realization. If you want to be certain, which I think is a good idea, you would want to ask your loan officer to have an underwriter review your loan as part of the pre-approval process. That way you know when you make an offer the only thing that would decline your loan is the property itself - not your credit, income, assets or anything about you personally.
Ya I think I might do that with my LO, I was reading that if my FAKO scores went up 15 points then my FICO scores will go up high to. No Deliquents, no late payments, not even a late charge. My LO says that im in the Green Line. Doesnt hurt to try and if the Automated Underwriter apporves without a refer then I think I might have a Golden Ticket.
Just got my Offer accepted for the House, Went to my Lender to sign papers and brought my stubs and bank statements to renew it. Lender says that My FICO went up more from the previous. he said my median score was 710. My median before was 674. He packaged the documents and is going to send it to underwriting, he said that the automated underwriter got an Approve state. no refer, or caution. A straight approve. Which im really happy about. Seller is paying for Closing costs, makes me more happy. Hes going to send it to underwriting. Though my FICO is 710 and the Automated is approved, will the Manual underwriter will check what the computer has put in and see if the the documents he gets from the Lender is correct on the Computer?? Will this make the loan close faster? Will he see that im capable of paying because of my FICO score? Also this house is a short sale and is selling for $72500. Last owner bought it for $220,000. I just hope that everything will go well and hope to see light that this whole thing can close SOON
Yup you got the process correct - next step is for the underwriter to review the accuracy of the figures the loan officer input into the automated underwriting system, as well as apply common sense/logic to the file. If it passes, then you should be good to go.