What has the Fico credit score for a loan on a house changed to?
What is the minimum loan score that you need in order to get a home loan? We were pre approved for $130,000, and found a house and offered110, 000. Then we were told to begin packing by our mortgage guy, and I did. He then all of the sudden notice something on our credit after 2 weeks of trying to get the loan that we supposedly already had. My husband's brother fraudulently used his name, and we owed $3800.00 because of him. I say call the cops, mortgage guy says it will take a long time to clear up that way. He says pay it, and he is positive that we will get the loan. The lender said so! Guess what, I have not even heard from the mortgage guy at all today. I would have never spent my inheritance on his fool brother if this was not a quick fix. Our credit score is 570 and the 3800.00 should really bring it up. What score do I need to get a home loan? I want to be prepared when I talk to Mr. Mortgage man. This will be his first encounter with the Mrs. and I am pissed. It showed up on the final check of our credit before we were to close. We did check our report prior. Gzzzz Please I am stressed enough.
Public Comments
- You should look at http://www.myfico.com you can get a house starting with a score of 500 but they have great details on monthly payments etc.
- There is no actual credit score that it needed. They request a minimum of 500 but they look more at your debt to income ratio and how you have paid your bills in last two years.
- You do have a reason for concern. Conventional loans do have min credit scores between 580 on community types, 620 on standard conforming, and although FHA has no min credit score they do require the borrowers to show willingness and ability to repay their debts. Keep in mind that in most cases, paying off the debt is only first part, most underwriters require a letter by the borrower as to why it happened so they can determine that it was not financial mismanagement. Here is a suggestion, call the cops and get a police report then submit that with a letter explaining the situation. Request that the underwriter not require them to be paid, unless your more interested in bringing up your score more so than the principal of the matter is you got robbed, basically. It's a rough spot to be in. Below is a website that may help. Good luck
- 570 is not considered a good score. There is no condoning what your brother-in-law did, but if you'd checked your credit reports beforehand it wouldn't have been a surprise.
- March 17, 2008 If you have a 570 Fico score, then it's not worth getting a new home purchase loan. To qualify you'd have to put down a significant amount of money on top of that, get a hard money loan. You paid the $3,800.00 debt and the loan officer was half right. You did have to clear derogatory debt to get a loan. I was in the same position. I personally had debt that I had to clear to get my loan funded. So you cleared one hurdle, now you have to fix the derogatory blemishes on your credit report. Give Chris a call. I was also referred over to him. He's with Neighborhood Credit Solutions. He not only repairs credit, he has an extensive mortgage background and could help you with that too. That's his niche. I had a low Fico score due to bad credit during my college days. Then I landed a job and I was making good money, too bad I still had bad credit. I now own a home in Los Angeles, CA. If he can't help you, I don't think anyone can. I've been a victim of terrible credit repair. I can say that Chris gave me results. Just a warning, he won't beat around the bush, but this is a good thing. He'll just give it to you very straight. You can reach him at 800-976-0966.
- The credit score is over analyzed. Lenders consider multiple factors, not just score, although the score can affect your rate. I'm not sure what you mean by "supposedly already had". You either have a written commitment/approval letter, or you don't. If you don't have the letter, then you don't have a mortgage, yet. Did the mortgage guy give you a letter with approval contingent on paying the $3800? If he didn't give you a written contingent approval, then he's not positive you'll get the loan, regardless of what he said. I'm sorry you're having these problems. It sounds like you need a new mortgage guy.
- based upon your status,I believe you should find something useful here.http://homeloan.online-assistant.info/bad-credit-first-home-loan-owner-time.html
