Getting conflicting info going conventional

[tooleman694]

First off I can't go FHA or USDA, home is way over FHA limits and USDA wont pass underwriting because of my Wife credit. We are in Texas and they require to look at her report. She has recent mortgage lates.

So conventional it is. Well I had to do a rapid rescore to remove dispute comments and my 680 middle has dropped to a 660 middle.

The problem is that im hearing you cant get mortgage insurance under a 680, but im hearing from others that you can find insurance with lower then a 680.

I have talked to my LO about this and he said he can get a 640 score through conventional with 5 percent down. But under 640 it gets insane.

Question is, has anyone seen mortgage insurance with a 660 score at all?  Iv looked all over the net and a lot of the insurers I see either want a 680 or a 660.

But I can't figure out why some say it can't be done and some say it can. We are closing in a month.

[JM-AM]

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@tooleman694 wrote:

First off I can't go FHA or USDA, home is way over FHA limits and USDA wont pass underwriting because of my Wife credit. We are in Texas and they require to look at her report. She has recent mortgage lates.

So conventional it is. Well I had to do a rapid rescore to remove dispute comments and my 680 middle has dropped to a 660 middle.

The problem is that im hearing you cant get mortgage insurance under a 680, but im hearing from others that you can find insurance with lower then a 680.

I have talked to my LO about this and he said he can get a 640 score through conventional with 5 percent down. But under 640 it gets insane.

Question is, has anyonel seen mortgage insurance with a 660 score at all?  Iv looked all over the net and a lot of the insurers I see either want a 680 or a 660.

But I can't figure out why some say it can't be done and some say it can. We are closing in a month.

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It is more lender dependent and their guidelines and rules, it will also depend on other factors if they will service the loan themselves or try to sell it off in the secondary market. If they want the loan to be good on the secondary market to sell off then they have to follow the secondary market guidelines as a minimum.

[tooleman694]

They will be underwriting and funding the loan and selling it on the secondary market, they do not service the loans.

[Anonymous]

I was in a very similar situation. quicken loans rejected me for Conv loan for only being one point off. My middle score was 679 and they needed 680. I then got frusturated with Quicken and called other local Mortgate Broker. They pre approved me next day on conventional loan. when they pulled my report my middle score was 670

I would say shop around and try to find another mortage broker.