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.
Application survived the fannie may automated underwriting we were offered 3.5% Conventional 20% down no PMI, no points, cash back at closing. Submitted to manual underwriting last Friday. Fico mortgage scores still climbing I may ask lender to pull again closer to closing to see if we can get a lower rate. Assuming we survive manual underwriting without any problems. Many thanks to all who provided me with guidance through this process! I will keep you updated.
