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Questions regarding what i was told by loan officer

JVille
Valued Contributor

Re: Questions regarding what i was told by loan officer

I’m bringing this thread up because it gives a better picture of what’s going on..... I’ll ask the question again? Is the issue really just $1100 in collections?
What are your scores and specifically what steps have the lenders told you to take?
Message 11 of 14
Dynversmom
Established Member

Re: Questions regarding what i was told by loan officer

Hey I know this a old thread but I can speak from experience the collection will keep your mortgage scores down I paid off four collections three that were medical and my scores went up over 100 points. Of course this was having them deleted.
Message 12 of 14
homeloanexpert
Established Contributor

Re: Questions regarding what i was told by loan officer

First,  most lender lender don't FICO 8, we now use EFX 5, TU 4, EXP 2). There is no such thing as "There is no way to raise your scores". Impossible! Over the years I have found several credit cards companies that will approve 100% of applicants for a secured card which can  potentially raise your score 20-35 points in a relatively short time frame.  Some can rate in 30 days and as early as 2 weeks. That aside, if you are in a time crunch, you may have to go with what you have now. While many lenders require a 580 middle score, some us lenders go down to 550 on FHA at 96.5% LTV.

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, ID, IL, IA, IN, LA, MI, MO, MS, NC, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 13 of 14
JVille
Valued Contributor

Re: Questions regarding what i was told by loan officer

FYI this poster does not respond don’t waste your effort.
Message 14 of 14
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