trick aka bumpage is back to normal. I got my preapproval yesterday for my home loan at 6 1/8%. Now it's just a matter of finding the right home. And, the bumpage is now working correctly again the past few days after not being able to pull my report for almost a week due to the size of my file. I should have 1 hard inq fall off on Tues, 1 a week from Tues, and the last 2 the week after.
congratulations!!!! That's great. You'll find the home of your dreams in no time. I hope to apply for a mortgage in the next few months. I just have to get that 1 stubborn OC charge-off off TU and Exp then I'm good to go. I know you're on top of the world right now and you deserve to be.
Yes. I am referring to Equifax bumpage. Also, for anyone considering and hoping for a mortgage, I was told yesterday that they consider anything over 620 "good" credit. So, if you have scores at 620 or more and any derogs are over 2 years old and paid, you have a good chance.
Re: Got mortgage preapproval and LK LKH - you posted a week ago or so regarding your mortgage and were saying that you were carrying a lot of credit card debt. I'm not being critical here but I just wanted to know what the mortgage lender thought of that. I'm only asking because I'm in the same situation. I would like to get a mortgage but I'm carrying card debt. It's only the result of building credit over a few years and I plan to pay it down over the next year or so. I'm sure the lender considered the total minimum payments you have to make but of course when the card is paid off that eliminates a payment. Can you elaborate?
LKH that is Great! news. Congrats on the approval. I only wish I was in your shoes. I am very interested in what company you used and what your middle score was. My scores are good, but my wifes are another story. That's whats keeping us from applying. Please do tell what your middle score was and the mortgage company if you don't mind. And one other thing, what was the size of your down payment? Thanks for the info!
Re: Got mortgage preapproval and LK I don't think I said I was carrying a lot of cc debt. I have some, but not a lot. Most of my cards are paid in full each month. The one he was concerned with hasn't updated in a couple of months and when I told him the total debt on that card was only about $500, it wasn''t an issue.
Re: Got mortgage preapproval and LK Yes, they did take the middle score. My scores were Equifax - 720, Experian 688 and TU, my middle score was a 702. The company I am with is National City Mortgage.
Re: Got mortgage preapproval and LK JD_ They go by your debt to income ratio not how much of your credit is utilized. They take your minimum monthly payments and add them together, then divide that by your montlhy income, if it's more than 36%(?) it's not good. I'm not 100% positive but I think your housing (mortgage) can't be more than 28% of your monthly income and your debt payments can't be more than 36%, it may be vice versa. Debt payments include CC's, car payments, basically anything reporting on your CR. NOT utilities, car ins. etc. Make sense?
Re: Got mortgage preapproval and LK Debt to income ratios do depend upon if the loan is FHA or VA or Conventional. I believe FHA is more lenient then the other two. Our original loan was FHA (first time home buyer etc...) and our ratios were like low 25%...we refinanced in 2000 and it's now conventional and our ratios were like 28% which I think is high for conventional loans.
Re: Got mortgage preapproval and LK Thanks for your responses guys. LKH - I forgot to say "congrats" Must feel great to go looking knowing the loans already approved. Good luck.
Re: Got mortgage preapproval and LK What they did with me was take 50% of my monthly income, then subtract all my monthly expenses. Whatever was left is what my payment could be.
