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looking for a loan

I have solid self employed income, credit score tumbled from 720+ to 620 because of KIA incorrectly reporting 120+days late.  They promised to remove and report it correctly with notes that it was clerical error on their part. Looking to put 10% down with a $700k loan amount. Any lenders out there that will do this loan until I get a rapid rescore. Want to put an offer on a house so that we lock down the house and not lose it to another offer.
  • April 12 2014 - Petaluma
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Answers (7)

Unfortunately, you are probably going to find that you need a minimum of a 680 middle Fico to qualify for that loan amount with 10% down. With that said, with documentation from Kia this is an easy fix. 3-5 business days, no cost to you for a rapid rescore. If you need additional help or have any further questions you can access my contact information on my Profile. All the best!
  • April 15 2014
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If you can get a letter from Kia confirming their error, a mortgage professional can update the credit report quickly, thus updating the tradeline and the credit score.

If you are currently working with lender, ask them if they are familiar with this process, if so, then contact KIA immediately, you will need to be firm, but tell them this is time sensitive and that you need the letter faxed or emailed and that standard mail won't work in this situation.

I hope this helps!
  • April 15 2014
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If you are really interested in buying a home then the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. When it comes to your situation you will likely need a jumbo loan. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 14 2014
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Hello,

I'll be happy to take a look at your scenario.  If it is simply a matter of the Kia issue causing your score to be lowered, I can help you with the rescore, and can also use a scoring model to issue you a preapproval letter based on all of your other merits, and your "after-rescored" credit score.  The bottom line is that the rescore will take a week or so, but we can preapprove you before, as long as all other information is solid.

Please contact me for details or to get your loan preapproval started.

Good luck,

Robert
  • April 14 2014
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It's no secret about updating credit with lenders as we all pull credit from a third party vendor who has direct contact with the three bureaus. If you provide the documentation from KIA motors we can submit this to our third party vendor and update the three bureaus to report correctly, which usually takes 3-5 business days. Also, this may cost up to $35 per bureau to update.  This should put your score back to 720+

As for your 90% LTV on a $700K purchase this all depends on where you live as this could be answered several ways and I don't want to give you wrong advise. I can tell you if the house is not in a high balance area it is a little more difficult getting a 90% LTV Jumbo loan. This loan does exist, however, the main requirements are 1) You can't exceed 40% Debt to Income (DTI) and 2) You will need a credit score of 740+. This is pretty much the norm for all lenders across the board. If you have further questions or concerns please reach out to me or post on Zillow so others can learn from your experience.
  • April 13 2014
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I have a way to make this work for you until the rescore.  I am available today:  559-679-5730  Justin
  • April 13 2014
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Give me call. I can help you do a correction rapid rescore and get the result back in 24-48 hours. I do them all the time with a 100% success rate. I have a great system in place.

Take care
  • April 13 2014
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