Best Rate FICO-an answer

Discussion in 'Credit Talk' started by am, Apr 25, 2001.

  1. am

    am Guest

    Talked to a mortgage broker today. He said the following:
    640 is the cut off for best rates loans.
    I would need 10% down, 3% for closing costs.
    2 months reserve. So, on a 60k house we're talking like 8500.00 cash on hand, but he said 10k first....he wants to do it as a second home loan since it's in another state...and we'll be changing jobs.
    Opinions? Am I progressing right? Oh, also he wants me to fill out an initial application and wants to pull a single CR to see where we're at and if it's good, pull the tri merge----I'll send him my copy of Equifax I think instead of him pulling it. BUT he said he would fax me the app today--and didn't---so I don't know.
  2. Erica

    Erica Well-Known Member

    I know that for a conventional loan, all debts have to be paid. At least anything under 10 months doesn't count in the "scoring" method of what loan rate you get. Sorry I couldn't help more.

  3. newhouse

    newhouse Guest

    You should check with at least one other broker and see what they might be able to do for you.

    Are you and your husband changing TYPES of jobs, or just companies? That makes a difference.

    How has your payment history been on your current mortgage?

    With and FHA loan you wouldn't be required to put as much down, and I think their reserve requirements are less as well. They aren't as concerned with scores as they are with your credit history for the previous 2 years.

    Finally, check with the Dept. of Housing for the state and the county/city into which you are moving. Often times there are special mortgage programs for people moving into a particular area.
  4. lbrown59

    lbrown59 Well-Known Member

    Re: Best Rate FICO-an answer
    Author: newhouse (
    Date: 04-26-01 06:07

    Are you and your husband changing TYPES of jobs, or just companies? That makes a difference.

    What diff. would that make? ?
  5. Lionel

    Lionel Guest

    Many lenders make a difference between changing carrers and changinging employers within the same career. They look at the latter mre favorably than the former.
  6. am

    am Guest

    We are definitely changing companies--there is a good chance that at least one of us will be in the same line of work.
    This will be my first reported mortgage.
    I don't know HOW to find someone to talk to--this guy I found on the website for registered mortgage brokers.
    thanks for the responses

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