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Answers (13)
- Marketing Consultant, "Life Smith"
- Contributions:121
FHA has stremline product. Goto profile, or look information up. This should help.
- joel lobb, "kentucky home loan"
- Contributions:21
Most mortgage investors and mortgage insurance companies want a 620 score now days. The quickest way to boost your score is to pay down an revolving credit card or line.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Tony,
Those prescreened offers don't impact a consumers Credit Score. Neither do multiple lenders' pulling credit when applying for a mortgage. I think many brokers/lenders tell borrowers they shouldn't let other lenders pull credit because it will impact their credit score so they can eliminate some competition! Some actually belive that it will impact the borrowers credit...
I am not sure which is worse the loan officer that is affraid of competition and lies to the consumer to eliminate competition or the loan officer that thinks it impact the borrowers credit!
You don't have to take my word about the impact of pulling credit..you can read this article that was published in the Washington Post. Sad part is how old this article is and how the mis conception is still so prevelent!
Those prescreened offers don't impact a consumers Credit Score. Neither do multiple lenders' pulling credit when applying for a mortgage. I think many brokers/lenders tell borrowers they shouldn't let other lenders pull credit because it will impact their credit score so they can eliminate some competition! Some actually belive that it will impact the borrowers credit...
I am not sure which is worse the loan officer that is affraid of competition and lies to the consumer to eliminate competition or the loan officer that thinks it impact the borrowers credit!
You don't have to take my word about the impact of pulling credit..you can read this article that was published in the Washington Post. Sad part is how old this article is and how the mis conception is still so prevelent!
- Tony Grego, "tgrego"
- Contributions:25
The easiest way is to raise your score. Be careful not to have everyone pull your credit.
Go to www.optoutprescreen.com and opt out of offers and in about 30 days you may get the points you need.
If you need any help just call or email.
Kind regards,
Tony
Go to www.optoutprescreen.com and opt out of offers and in about 30 days you may get the points you need.
If you need any help just call or email.
Kind regards,
Tony
- Gary Kinberg, "Gary Kinberg"
- Contributions:229
Yes, many brokers have less than 620 score programs. the bottome score is 600 for a new FHA loan. The rates for this are higher than the general market. Good luck.
- Clay Branch, "Georgia Loans"
- Contributions:7820
Credit scores are not absolute, even Fico scores from a lender or broker. Your broker may be using Transunion Classic 04 and Experian Model II, while another broker or lender still using 98 and Model I would get a different score, higher or lower. Ask your broker which models were used to score on transunion and experian. Since there are retail lenders still doing them with 600, suntrust, or others that still have no minimum and underwrite on credit only, then you can still get approved with a 619.
- gonecrazy
- Contributions:3
I've been told the automated system did approve me with the 619, but LO does not think I will get approval from his processor. She's waiting to hear back. If I get denied for one pt, that's pretty silly since there is no debt and everything else is in good. :( I don't know.
- Timothy Sutherland, "SunTrust"
- Contributions:619
Mortgage lenders can only offer you one rate on FHA loans
That's not true at all. Between GNMA 1 and GNMA 2 I have 36 rates on the 30 year fixed FHA alone.
That's not true at all. Between GNMA 1 and GNMA 2 I have 36 rates on the 30 year fixed FHA alone.
- Total Mortgage Services, LLC, "Total_Mortgage"
- Contributions:56
FHA loans can be underwritten through DU (Desktop Underwriter), so if it receives and automated approval, you will be approved for a mortgage loan. Mortgage lenders can only offer you one rate on FHA loans, but mortgage brokers have a wide variety of lending partners, so they can shop for the lowest available FHA rate nationwide.
Based on the information you provided, you should have no problem getting approved for an FHA mortgage loan.
Best of luck!
Regards,
Total Mortgage Services
Based on the information you provided, you should have no problem getting approved for an FHA mortgage loan.
Best of luck!
Regards,
Total Mortgage Services
- Shawn Sidhu, "C2 Financial of CA"
- Contributions:42
- Robert Lowery, "Bob Lowery"
- Contributions:2097
- Timothy Sutherland, "SunTrust"
- Contributions:619
You also might be able to get a retail bank to take your loan.
speaking of retail bank... yes, we're still approving down to a 600 score.
speaking of retail bank... yes, we're still approving down to a 600 score.
- Silver Mortgage Co.
- Contributions:35
raising your score 1 pt should be very easy...simplest way is to pay down a credit card balance to 40% or less of available credit, or request an increase in a credit line...also look for any other incorrect reporting.
You also might be able to get a retail bank to take your loan....because FICO scores are not an FHA condition...banks have the ability to issue a loan with a FICO below 619 if they choose to...just right now most are choosing not to in order to maintain low default risks.
If you'd like me to take a look at your credit report to see if I can see anything obvious you can do...just send me an email...I'm not licensed in Kentucky so I can't handle your loan...but would be happy to assist you with some ideas on how to get your loand completed.
You also might be able to get a retail bank to take your loan....because FICO scores are not an FHA condition...banks have the ability to issue a loan with a FICO below 619 if they choose to...just right now most are choosing not to in order to maintain low default risks.
If you'd like me to take a look at your credit report to see if I can see anything obvious you can do...just send me an email...I'm not licensed in Kentucky so I can't handle your loan...but would be happy to assist you with some ideas on how to get your loand completed.
Any fha loans approving 619 scores? thanks.
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