Wanna apply for the home loan but I'm so afraid to be denied

[darlanurse]

My husband owned a home in WA before we got married (been married 10 years). We just moved to Texas two years ago and his house in WA is still not listed for sale yet. Our lease here in Texas is going to be up in June of this year and we would like to buy a home afterward instead of renting.

Husband's credit scores : EX 681  EQ 730  TU 775

My credit scores:  EX 668  EQ 667  TU 671

Those scores are pulled from Creditscore website about 2 weeks ago.

Husband's past 24-month history is in good good standing with the exception of one collection bill back in Jan' 12 which was already paid but still shown on CR and one 30-day late payment on home equity loan in Dec'12 (joint account - we sent GW letter to creditor, waiting on the answer)

My past 24-month history is not as good as my husband's. I had three 30-day late payments in which two of them the creditors agreed to remove the late payments based on goodwill adjustment.  The other one is on the home equity loan that has both my and my husband's names on it.  We did send the GW letter to the creditor of home equity loan, but haven't heard back from them whether they are willing to remove that single late payment or not. However, I saw that the creditor did make the hard pull on my CR on Friday after I emailed them the GW letter on Wednesday. 

Last year I made $68,000 and my husband made $57,000.

Our monthly debt include;

Two car payments that have both our name on = 430 + 380

House payment in WA (my husband's name)   = 1,065

Home Equity loan (both names on)  =  106

Credit card payments      =  approx 225-230  utilization on cards approx 30-35%

I wasn't sure if we should go ahead and persue or should wait unitl the recent late payment on home equity loan (Dec'12) is resolved.

Any thoughts or suggestions are greatly appreciated.

[MovingForward_2012]

First, you are going to need to pull your EQ and TU scores from this site so that we truly understand where you are in terms of qualifying because the site you pulled your scores from do not provide the same scores that 90% of lenders use. I guarantee you your scores will be different from what the lenders pulls. The EQ score from this site is the EXACT same EQ a lender would pull if pulled at the same time. TU is a little different than what a lender would pull but usually by 20 pts maximum. Buying your scores here will eliminate "the surprise" of the lender pulling different scores from what you pulled.

But the typical min requirement is 640 mid fico. We don't know if your true ficos meet the requirement yet as you have posted FAKOS not ficos.

[darlanurse]

My FiCO EQ score is 648 as of yesterday and Fico TU is 603 which is interesting. I bought my TU scores directly from TU website today which was 648. Which one the TU score the lender would use from Fico or from TU directly?

Thanks

[MovingForward_2012]

The TU score provided by myfico is TU98. Most lenders pull TU04. There is a TU08 but it is primarily used by the CC industry. Experian fico can only be pulled by a lender...it isn't available for purchase. If your EX score is at least 640, you would qualify as that would be your middle score. If it is less than 640, you wouldn't qualify. There are a few lenders still approving a 620. Anything lower than that becomes a search for the needle in the haystack.

[darlanurse]

What about my 30-day late payment on Home Equity loan in Dec'12.  Would it keep us from being approved since the late was quite recent (but it is the only one late we have in the past 24 months tho)?

Thanks again !!!

[MovingForward_2012]

Typically, if your score qualifies, you need to not have any lates in the past 12 months. If a lender requires no lates in the past 24 months, realize that is a lender overlay requirement and try to find another lender that doesn't have that requirement.

[Lasardo]

Moving forward-
Congrats on the house! You have worked very hard and deserve it. I am also in the process.
Darlanurse-
I think you need not worry, your scores could be worse. With the requirement to be 640 minimum you should be in the green depending on what your middle score is.
Say you have 670-EX, 610-EQ and 650-TU
They would use the 650 as the middle score. Now as far as how they use the scores for a married couple that I do not know, I would ask that as a "new topic" or look it up on Myfico (this website).
Good luck!

[darlanurse]

Thanks everyone .... what concerns me at this point is the 30-day late payment on the home equity loan because it is pretty recent (3 months ago).

Did anybody ever get approved with recent late payment (s) history?

[tooleman694]

They made me wait 12 months before I could close on the loan.

[darlanurse]

@ tooleman694 - that's exactly what I'm afraid of. Hopefully, my creditor would grant me the GW and agree to remove that late payment because I do have exceptional payment history with them except this single one.