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Should I apply for mortgage at 640?

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Should I apply for mortgage at 640?

I am waiting until my middle score reaches 640 so that I will be eligible for $15,000 in downpayment assistance through Florida Bond. How much will the pre-approval ding my credit score? I am worried that I'll get pre-approved, then the inquiry will ding my score (bringing it down to, say, 636) so that when the final underwriting is done I'll no longer be eligible for the downpayment assistance.

Should I wait until I hit 645? 650?

 

Message 1 of 6
5 REPLIES 5
Valued Contributor

Re: Should I apply for mortgage at 640?

I am not doing DPA but still waiting till I'm 40-50 points over the min . Just me though
Message 2 of 6
Moderator Emeritus

Re: Should I apply for mortgage at 640?


@Brit67 wrote:

I am waiting until my middle score reaches 640 so that I will be eligible for $15,000 in downpayment assistance through Florida Bond. How much will the pre-approval ding my credit score? I am worried that I'll get pre-approved, then the inquiry will ding my score (bringing it down to, say, 636) so that when the final underwriting is done I'll no longer be eligible for the downpayment assistance.

Should I wait until I hit 645? 650?

 


I wouldn't wait personally, it can be a really long one to make a score difference if you've cleaned up all you can.

 

The inquiry for a mortgage pre-approval will have a 30 day grace period where it doesn't factor at all; also not all lenders will pull a second time especially if you get it done with a certain time frame, and for that matter not every inquiry counts against you depending how many your reports anyway.  To be clear though, my going from 2->3 inquiries in my mortgage on EQ FICO 5 (one of the mortgage trifecta) dropped me 7 points from 700 to 693 so I understand the concern.

 

You can stack the deck in your favor, start looking at homes kinda like, now if you wish, and know exactly what you're looking for when it's time to pounce... then see what's on the market, see if you like something, get your preapproval, and submit the offer and try to sort it out ninja quick like if you're really worried about it.  S10 is a Florida realtor and may know more, but you can't be the first person they've had in this situation and I sort of doubt with the goal of the program they'd kick someone out because the inquiry dropped them after 30 days but the expert would have to confirm or deny that one.




        
Message 3 of 6
Valued Contributor

Re: Should I apply for mortgage at 640?

I had decided to go for it ,but had to put my Amex @ 40% this week when my sweet Boston terrier needed blood transfusions and then passed away
Message 4 of 6
New Member

Re: Should I apply for mortgage at 640?

Great advice, thanks. Nice to know about the 30 days grace. I should hit 640 in a couple months (paying down cards) so I'll start shoppingSmiley Happy

Message 5 of 6
New Member

Re: Should I apply for mortgage at 640?

Sorry for your loss, SBrooks1.

Message 6 of 6
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