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Pulte Mortgage - Questions about PreApproval

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Established Member

Pulte Mortgage - Questions about PreApproval

Hello Friends!

 

My husband and I are looking into building a new home and selling our old one. Long story short - my husband has our current mortgage under his name and my father's name and the area around our home is getting bad so we decided we are going to sell our current home and buy a new one. We looked into Pulte - and we have signed our contract and I have my "interview" with the mortgage consultant tomorrow. I'm asking some questions of anyone who's dealt with this before:

 

1. Do they work with you on your credit score?

2. How is the prequalification process? Is it simple? Difficult? Does it take a long time?

3. How was your experience with Pulte Mortgage?

 

I currently have these scores: Experian: 585, Equifax: 569, Transunion: 566 - My husband has these scores: Experian: 687, Equifax: 705, Transunion: 701 - My husband has squeaky clean credit, no missed payments, nothing. His DTI ratio is much higher than mine though since I have no credit cards. He has the house, his truck (45k) and my Jeep lease (12k) on his credit. I have one credit card that I'm an AU on that has $800 on it out of $2500. I have one open collection for $2k that I was disputing and two medical collections for $500 each that I have paid off that have not shown up on my credit as paid yet. I make 70k a year and my husband makes around 60k. The home we are trying to mortgage loan is 345k.

 

I spoke to a loan consultant before this who had me open a new card which I was approved for an unsecured card for $300 which is good! But that hasn't hit my credit either to jump it up.

 

Any advice and experiences would be helpful! I have read some of the threads here but they are from awhile ago, so I'd always be happy to hear more.

 

 

 

 

17 REPLIES 17
Regular Contributor

Re: Pulte Mortgage - Questions about PreApproval

Hello, I haven't used Pulte Mortgage nor have any knowledge of them. So I can't help with that part but perhaps can help on the other general areas.

 

First on the home you're about to sell. How much do you expect to make from it? Are you going to share this profit with your father? Trying to get an idea on what your downpayment may be?

 

Secondly, are the scores you listed Fico8 or mortgage scores? If they are Fico can you share your actual mortgage scores? Your scores are pretty low and might be pretty hard to get qualified with.

 

It was a good idea for you to get your own CC. This will help a lot in the long run. However, when the account finally shows up, you're likely to take a slight score drop in the short term. This is for the new account hit which will lower your average age of accounts.

 

Lastly, I think you being an AU on that one account is actually hurting you. This is because it is over 30% utilized which will cause some util% hits to you score. Since you have your own CC now might be better to remove yourself (or for that account to be paid off)

 

Hope this helps

Message 2 of 18
Established Member

Re: Pulte Mortgage - Questions about PreApproval

Hey! Thanks for all the info Smiley Happy

 

We are expected after closing costs to make 12k on the house we are selling. We won't be sharing the profit with my father since he co-signed but did not help us with down payments or our payments for the past year. My downpayment on the 335k house should be around 15k ish with an FHA loan which the loan consultant said we were going to underwriting for.

 

I have not seen my scores from Fico8 or Mortgage scores. The loan consultant said my transunion was 528, experian 530 and my equifax was 569. A lot lower than I expected from what I have pulled from credit karma and such. He said he put my scores in a simulator with my collections. He told me to NOT touch my collections at ALL and leave them be, just to pay my credit cards and keep my utilization really down to raise my score in 6 months. He said we should have no problem being approved as long as I do that.

 

My mother who I have the AU with has paid that account off so it will be at 0% coming this upcoming month. I asked her to cut her card and she said she would and would only let me use it. The loan consultant said do not close the card because it could hurt me in the short term.

Message 3 of 18
Regular Contributor

Re: Pulte Mortgage - Questions about PreApproval

Yea unfortunately the scores from Credit Karma and others just aren't useful when trying to determine your scores for obtaining credit.

 

So yea the reasons they are telling you to only focus on the CC debt, is because that has the biggest impact on your Mortgage scores. Mortgage scores are very sensitive to CC debt. So paying those down will boost your scores. That along with the AU account being paid off should give you a decent boost.

 

In summary I would follow the advice of the LO since in the end they're the ones giving you the money for the home.

 

Good Luck!

Message 4 of 18
New Member

Re: Pulte Mortgage - Questions about PreApproval

I just closed on my House with Pulte Mortgage back in Feburary of this year.

 

Our process took about 6 months due to them having to build our House.  

 

1. Our credit was pulled at the pre-approval stage and the LO sent us a plan of action to work on our Credit Scores(My wifes Mid score was ~657, mine was 692).  

2. They do not do a pre-qualify like others do.  They fully approve you from the start.  So they require all the documentation up front.  The web portal they use is very easy and you can provide 90% of the info before your interview(in reality they just go over all your docs and ask what type of loan you want, FHA/CONV).

3. Our experience was very good.  The LO and Processor were very responsive and always kept us in the loop on things.  Their rates are a little higher due to them paying closing costs for us(.25% higher), but we dont plan on living here long enough to break even with the difference.

Message 5 of 18
Established Member

Re: Pulte Mortgage - Questions about PreApproval

Thanks so much for the info! I pulled my FICO8 and I am way lower than expected. It's okay though, the loan consultant said I should be good!

Message 6 of 18
Established Member

Re: Pulte Mortgage - Questions about PreApproval

Oh good! I'm so glad you went through the process already - i have a question since my consultant is not as responsive as I've liked and I have a lot of questions. We just got out of underwriting and they made us upload a ton of docs - in our PulteMortgage account it's now showing we need to upload a signed conditional approval. Does this mean we've been approved? Or do we need to talk to the processor first and then he/she approves us?

Message 7 of 18
Regular Contributor

Re: Pulte Mortgage - Questions about PreApproval

Conditional approval does mean approved if everything you’ve put in your application turns out to be accurate. They still need to do actual employment verification, go over bank statements, look at tax returns etc. so as long as nothing in those is not in line with what you’ve put on your application you should be good to go.
Message 8 of 18
Established Member

Re: Pulte Mortgage - Questions about PreApproval

Yep! They already started that process - for instance they had to ask me why we had an overdraft in one account (we moved all of our bills to our Chase account out of our TD since we didn't use it anymore, forgot about one bill and bam OD fee!) and they had me give end of year paystubs for the past 3 years. We also had put down my husband's new pay rate which went up by 10k about a month ago and that confused them so we had to show proof of his raise from his job. I'm hoping everything goes well! Two collections just fell off my credit even though I had forgotten to ask them to remove them before I paid them so my credit score just shot up by 28 points on Transunion (CreditKarma.. so probably doesn't mean much!)

Message 9 of 18
Regular Contributor

Re: Pulte Mortgage - Questions about PreApproval

Ah yes. This is all normal process and went through similar things myself. I’m assuming those collections dropping off will have helped your Fico scores also. Sounds like you’re getting close. Good luck to the finish!
Message 10 of 18
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