HI everyone just too shed some light on my Home i just closed on today 7/2/12
my score are from the lenders equifax 700 experian 650 trans 740
when i pulled my score my self on the other sites that claim to be real score fako score they where showing equifax 689 experian 680 trans 699
so you can see they are always off. I started off on a quest to buy a home in sept 11 when the lenders pulled my credit which was all around 580 ewwww.
reason being i had a lot of old collections and judements that weren't payed since 2006 in feb i had clean up my credit too which you see now. I first applied for a FHA home loan in FEB 2012,i was pre approved and very happily took my letter to my realtor found a home payed for home inspection and appraisal 800 dollars total and then came the nightmare UNDERWRITING they denied me ;(. i was crushed they said they felt uncomfortable with all the old collections even though they were all payed off. 2 weeks later after recovering i went too a different lender who delt with VA home loans i didn't want to go VA because i heard they take long which they DOOOOOO. In march they approved me again and set out to find a home which i did in end of march signed contract in end of march.....On April 8 turned all the documents to my loan processor and thought i was over NOTTTT they wanted more documents, April 19 MORE documents, then April 27 MORE documents. While this was going on had my VA home inspection which took a week for them too come then came May 30 and no closing the underwriter was not happy with the documents she had already she wanted more. I was in VA UNDERWRITING FOR OVER 3 weeks so be prepared people have all your ducks in a row or else they will want massive amounts of paper work. Every time they wanted documents they would take 1 week to review my documents i sent them talk about snail time. Finally on June 26 i got the conditions of approval where i sent more paper work and they finally gave me the clear to close on June 28. I hope this lets people know how much paper work they are asking for now a days and just be patient if they keep asking for documents that's a good thing that means they are still working on your file o by the way almost lost the house because the seller didn't want to wait any longer since i went over 30 days over closing .....GOD BLESS EVERYONE and i hope all you get too hear those words everyone wants too hear CLEAR TO CLOSE.....
Good advice before you dive in
1 NO disputes on your reports
2 all large deposit have to be accounted for
3 get ready to TYPE a lot of LETTER OF EXPLANATION if you have past credit problems
4 they count child support against your DTI for guys who pay child support
5 3 months of bank statements
Starting Score: 722