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@ShanetheMortgageMan wrote:It's impossible to say what the chances are of this specific loan program going away are without knowing the exact program, as there are so many different programs available. Do you know what type of loan program you are qualifying for? Conforming? FHA? Sub-prime? Alt-A?Sub-prime & Alt-A have guidelines that change quite rapidly (sometimes every week) and without much notice, conforming changes every now and then but it's telegraphed well ahead of time, and FHA hardly ever changes guidelines.
What is your income, your monthly payments on other debts, and what is bringing the score to a 620 vs. a higher score? High utilization? Negatives?
Message Edited by ShanetheMortgageMan on 10-05-2007 05:45 PM
Message Edited by ShanetheMortgageMan on 10-05-2007 05:45 PM
That's really something only your LO would know. Once your credit is checked, then with Fannie Mae it's good for 120 days from the credit report date. There shouldn't be any deviation on the program availability if you are putting 5% down and it's a Fannie Mae approval... as 5% is what Fannie Mae requires to put down for their Expanded Approval Level-III right now. If you got an Approve/Eligible or Expanded Approval Level-I, then $0 down is possible. Expanded Approval Level-II is requiring 3% down. You should ask your LO what level approval you got from automated underwriting. More importantly you should ask why the closing date needs to be moved up.
needtoknowmore wrote:
Thanks Shane! I did speak to my agent this afternoon and he's going to keep in touch with my LO. Unfortunately, she was in a meeting and wasn't able to speak to him. What I don't get is if we had already locked in our rate and filled out the required paperwork, wouldn't that have already gone through the underwriter to determine whether or not we qualified for this specific loan? We have the 5% down with just enough reserves to qualify. I hope all goes well!
Message Edited by needtoknowmore on 10-08-2007 04:46 PM