Zillow Advice: Approval Process - BOA just told me i have to have 3 open credits to qualify for coventional loan,is every company same http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ Zillow Advice | Zillow Real Estate Most, if not all, big bank ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ Most, if not all, big bank <a href="http://www.zillow.com/directory/lenders/">lenders</a> will have this tradeline req't overlay. As a result, I doubt you'll have much success in placing your <a href="http://www.zillow.com/mortgage/">loan</a> unless you find a reputable <a href="http://www.zillow.com/mortgage/">mortgage</a> banker or broker to assist you. He/She can place your loan w/ a lender/investor who does not have this Fannie guideline overlay whereas the big bank lender has no other option but to deny your loan. Sun, 07 Feb 2010 18:03:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-07T18:03:00Z I would be very interested ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ I would be very interested to learn how anyone can justify an <a href="http://www.zillow.com/fha-loan/">FHA loan</a> as better with 20% down payment at 690 FICO. Sat, 06 Feb 2010 18:28:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-06T18:28:00Z Danny,no disrepect intended; ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ <p>Danny,</p><br/><p>no disrepect intended; but how does this fall "outside the box"?<br/><br/>It's a simple Fannie deal. Fannie doesn't have a tradeline count requirement<br/><br/>The unknown is the down payment on this. If it's less than 20% then some of the MI companies may have a tradeline requirement. If so, that would apply to all lenders.<br/><br/></p> Sat, 06 Feb 2010 18:23:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-06T18:23:00Z A retail bank loan agent ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ A retail bank <a href="http://www.zillow.com/mortgage/">loan</a> agent is only familiar w/ their own limited programs. &nbsp;I'd suggest finding a reputable broker in your area and discussing your loan scenario w/ them. A broker has access to a long list of <a href="http://www.zillow.com/directory/lenders/">lenders</a> and their respective programs. As a result, they are able to truly find the best home for those loan scenarios that fall outside the box. &nbsp;Whereas a retail bank typically deals w/ those that are cookie cutter and plain vanilla. &nbsp;Good luck. Sat, 06 Feb 2010 16:52:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-06T16:52:00Z There are lenders that will ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ <p>There are <a href="http://www.zillow.com/directory/lenders/">lenders</a> that will do your deal with 20% down conventional conforming with only 2 open credit accounts, however, you are going to get some serious hits in points for having such&nbsp;a low score. <a href="http://www.zillow.com/fha-loan/">FHA</a> may be your best and least expensive option, although to really get to the nitty gritty and give you the best answer, a complete analysis of your credit and income would be necessary! I hope these comments help! Regards, Jim</p> Sat, 06 Feb 2010 16:11:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-06T16:11:00Z We are not licensed in VA ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ We are not licensed in VA but every lender has their own overlay to a Fannie or FHA loan.&nbsp; With your score and 20% down, if you recieved a DU/DO Approval via Fannie Mae then I am sure you can find a lender to do the deal-&nbsp; FYI - Rates would be better going FHA so the only downfall there would be the MI. Fri, 05 Feb 2010 20:01:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-05T20:01:00Z BOA may just have that as ... http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ BOA may just have that as an internal requirement. It's not a conventional requirement.<br/><br/>However: if you're putting down less than 20% it might also be a requirement from the mortgage insurer. Fri, 05 Feb 2010 19:01:00 GMT http://www.zillow.com/advice-thread/BOA-just-told-me-i-have-to-have-3-open-credits-to-qualify-for-coventional-loan-is-every-company-same/321989/ 2010-02-05T19:01:00Z