@kgwinn wrote:
I agree thats how it should be, but my experience over the last few weeks is that lenders don't always know as much as they think they do. I'm on my fourth mortgage broker because the first one couldn't interpret FHA guidelines correctly and refused to accept a letter from my student loan company that every other lender and the representative I talked to at HUD are all fine with.
The second one refused to believe me when I told him that the dispute comments he was seeing on some of my accounts were old and leftover and that no accounts were currently in dispute. Everytime I told him I was simply going to call and have the comments removed, he would flip out and tell me my scores were going to drop by 40 points. He called me argumentative and when I told him what I'd learned here, he told me to "stop reading stupid blogs". When I had the comments removed without any score drop and pointed out to him that I was right he swore at me and told me he couldn't work with me anymore.
Lender number 3 has works for a company that has put both the loan programs I'm looking at on hold but assures me its completely fine to go ahead and get under contract with this house because "they'll be back available within 2 weeks". Other lenders I've spoken to are telling me that they're hearing that the 1/2% down program is dead in AZ, but this guy keeps telling me everyone else is wrong and he'll have it back by August 5th.
So trust? No, not really. I met lender number 4 yesterday and so far he seem great. He hooked me up via conference call with the guy from their credit agency (the people they pull credit through) and let me ask a ton of questions. That guy is as close to a credit expert as I'll get, and he swears there will be no negative impact from removing the BK, but also says that it probably won't help me much either. For what i's worth, he also said that the concept is rebucketing is internet folklore, so there's that.
We're waiting for my reports to be updated by lender #3's rescore and once they do, lender #4 will pull credit and see if he can find me the last 16 points. If the 1/2% down program is truly gone, it's 640 or bust.
Yikes! I am in AZ as well and have only talked to two different brokers. Both of them were very knowledgable. Good luck!
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
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