My FICO Score

[SJF]

I recently got pre-approved for a mortgage.  I put in an offer and did my first downpayment.  One day before my information was sent to the underwriter, my score dropped because of a mistake with the Depatment of Education.  The Department indicated they would update my score information but it will take 30 days.  Does anyone have any experience with this sort of issue?  How long will the underwriter wait until the score is updated?  Will I have to reapply all over again?

[tooleman694]

Do the UWs know about it.

[JM-AM]

Did it drop your scores below qualifying rate?

Ask the student loan company to send you something in writing of there mistake and they are fixing it.

[MovingForward_2012]

What is your fico score right now?

[DallasLoanGuy]

depending on what this thing is that happened. the loan officer can get the item updated in 3 - 5 days with a rapid rescore and bypass the 30 days wait.

the dept of ed would have to write a very specific letter

[SJF]

It dropped to 566. It was 625 before. They were qualifying from 600 and up! I will ask for a letter from the dept of Ed. Hopefully that will help.

[igids1]

What lender is approving with a 600 if I may ask?

[MovingForward_2012]

+1, I'm curious as well. You definitely found the needle in the haystack.

[SJF]

www.remn.com

[MovingForward_2012]

The website seems legitimate and it appears that they do loans outside of New Jersey...where they are located.

OP, you definitely found the needle in the haystack for sure. So there is one lender that does loans for those with a 600 credit score. I imagine though that they have a lot of hoops borrowers have to jump through before they will approve.