So Close......

[Anonymous]

Okay after weeks of paying everything possible down to zero and waiting for updates to post on CB's here are my mortgage scores;

Eq;  609

Exp; 620

Trans; 651

Does this mean my middle score is 620? Would I qualify for a convential mortgage even though my exp is below 620?

Any input much appreciated. 

[Mortgage-Specialist]

620 is in fact your middle score. This means that it is "possibe" to qualify for Conventional. The lender would need to run your loan into the automated system for approval. It has been less than likely lately to get a Conventional loan approved through AUS  but it is possible. FHA is more likely to approve it

[Anonymous]

Thank you for your response. Does that mean FHA with PMI?

[Mortgage-Specialist]

Yes. Conventional will have PMI too unless you put 20% down

[Anonymous]

Yes, that's your middle score, but what score is this? Most mortgage companies do not use (at least not to a full extent) FICO 8 and they for sure don't use Vantage (which I think we all know this by now). They use different FICO scores almost every time.

[mbauza86]

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@Anonymous wrote:

Okay after weeks of paying everything possible down to zero and waiting for updates to post on CB's here are my mortgage scores;

Eq;  609

Exp; 620

Trans; 651

Does this mean my middle score is 620? Would I qualify for a convential mortgage even though my exp is below 620?

Any input much appreciated. 

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620 is your current middle score -- (if that is indeed FICO scores from myfico reports). However, pls note that when your lender goes to pull your credit, that first inquiry is going to bring your mortgage scores down and they will not see 620- it will most likely go down. So they will pull your credit, and the inquiry immediately impacts your score and they will most likely not see 620 anymore  - which is so annoying. This happened to me. I thought my lender would see the mortgage scores that I had pulled the day before...nope. They got tanked bc of the one single darn inquiry. Also, the additional inquiries really did count as 1, so that didn't impact my credit. 

However, If I were you, I'd wait to get the middle score a little bit higher. Anywhere from 10-15 points. For example, my EX score went from 749 to 738 -- I didn't even have a single inquiry on my CC before that. Now, my EX FICO 8 only went down by 2 points...but the mortgage score...down by 11 points. Mortgage scores can be very sensitive. I would just give yourself a bit more time to raise the scores. Just my two cents.

Also have ALL your balances updated already? If not, which ones are you waiting for? Just curious because there might be some tricks I recently found that might help. For example, I lost my discover card, and got a replacement. Discover reported my new account number immediately to the bureas and well, my updated balance within 2 days of reporting the card as lost. So apparently, changing/replacing your CC, then changes your account number, so then that  might force your lender to send an update to the bureas and it will show your updated balance faster than waiting for your statement to close etc LOL.  Also, do you have any baddies or collections coming off?   

[Anonymous]

Pulled the trigger yesterday with a local savings bank.  The banker was aware of my situation and was waiting for my mortgage scores to increase as I paid things down. Once my MMS hit 620 I apped. Would have waited for more improvement but I had already signed a p&s on our dream home. Today was the last day I had to get a written pre-approval. I'm sure you guys are saying WHAT???

We found the house mid construction and the builder said I could reserve it for $500 down so I did. In this market, if I had waited the house would have been gone.  Wife fell in love with it. Our current home was already under agreement, passed papers 2-1-21. Used portion of proceeds to pay down as much debt as possible to raise mortgage scores.  Waiting game began.

Got my subscription to myfico with three bureau reporting and mortgage scores.  Logged in everyday hoping to watch my scores climb.  Climb they did, not everyday but continuous steady upward growth. Also was able to PFD a year and a half old medical collection which also helped. Utilized this board and pmed some off the most knowledgable members of this board for continued guidance and advice. There were fantastic, I am extremely appreciative. 

Starting mortgage scores 2-1-21

EQ;      551

Trans; 628

Exp;    552 

As of 2-23-21

Eq;       609

Trans;  651

Ex;        620

Fico 8

Eq;         667

Trans;   688

Ex;         691

Incidently hard pull did not affect any of my scores fico 8 or mortgage scores. 

We received preliminary approval letter from bank today. 

[mbauza86]

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@Anonymous wrote:

Pulled the trigger yesterday with a local savings bank.  The banker was aware of my situation and was waiting for my mortgage scores to increase as I paid things down. Once my MMS hit 620 I apped. Would have waited for more improvement but I had already signed a p&s on our dream home. Today was the last day I had to get a written pre-approval. I'm sure you guys are saying WHAT???

We found the house mid construction and the builder said I could reserve it for $500 down so I did. In this market, if I had waited the house would have been gone.  Wife fell in love with it. Our current home was already under agreement, passed papers 2-1-21. Used portion of proceeds to pay down as much debt as possible to raise mortgage scores.  Waiting game began.

Got my subscription to myfico with three bureau reporting and mortgage scores.  Logged in everyday hoping to watch my scores climb.  Climb they did, not everyday but continuous steady upward growth. Also was able to PFD a year and a half old medical collection which also helped. Utilized this board and pmed some off the most knowledgable members of this board for continued guidance and advice. There were fantastic, I am extremely appreciative. 

Starting mortgage scores 2-1-21

EQ;      551

Trans; 628

Exp;    552 

As of 2-23-21

Eq;       609

Trans;  651

Ex;        620

Fico 8

Eq;         667

Trans;   688

Ex;         691

Incidently hard pull did not affect any of my scores fico 8 or mortgage scores. 

We received preliminary approval letter from bank today. 

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That's great!!!!!!!!! Congratulations!!!!!!!!! If you found a home you want and ready to buy, then go for it!!!! I'm glad your scores didn't go down AND you got the pre-approval!!

Also, just as an FYI, when you buy the FICO reports w/ the membership, that report gives you the mortgage scores as of that day only. The membership does not provide daily/weekly updates on your mortgage scores, only continuous updates on your FICO 8 scores and even then they are delayed. To see your mortgage scores again, you would need to wait for next monthly report to issue OR buy them reports all over again immediately after applying.  If you were approved, it doesn't matter anymore LOL.  But curiosity was killing me right after applying. I had also asked my lender what my MMS came out at their end and I bought new reports immediately after applying -- just because I was curious and wanted to see if they were lying. LOL I know I'm crazy, I could've used that money for something else LOLOLOL

[AllZero]

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@Anonymous wrote:

Pulled the trigger yesterday with a local savings bank.  The banker was aware of my situation and was waiting for my mortgage scores to increase as I paid things down. Once my MMS hit 620 I apped. Would have waited for more improvement but I had already signed a p&s on our dream home. Today was the last day I had to get a written pre-approval. I'm sure you guys are saying WHAT???

We found the house mid construction and the builder said I could reserve it for $500 down so I did. In this market, if I had waited the house would have been gone.  Wife fell in love with it. Our current home was already under agreement, passed papers 2-1-21. Used portion of proceeds to pay down as much debt as possible to raise mortgage scores.  Waiting game began.

Got my subscription to myfico with three bureau reporting and mortgage scores.  Logged in everyday hoping to watch my scores climb.  Climb they did, not everyday but continuous steady upward growth. Also was able to PFD a year and a half old medical collection which also helped. Utilized this board and pmed some off the most knowledgable members of this board for continued guidance and advice. There were fantastic, I am extremely appreciative. 

Starting mortgage scores 2-1-21

EQ;      551

Trans; 628

Exp;    552 

As of 2-23-21

Eq;       609

Trans;  651

Ex;        620

Fico 8

Eq;         667

Trans;   688

Ex;         691

Incidently hard pull did not affect any of my scores fico 8 or mortgage scores. 

We received preliminary approval letter from bank today. 

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@Anonymous  Congratulations on your succuess! Hope you will be enjoying your dream home soon.