Alright I am going for a mortgage on 5/22, as soon as I get my paperwork back from TU, final dispute - as good as it's gonna get. EQ 618 EX 680 TU - ? Anyone here recently got a mortgage and want to share scores versus terms?
DanceRat Score is not the only determining factor in qualifying for a mortgage, though it is an important one. But based simply on your score you will probably qualify for an A- loan which will be about 1/2 to 1 point higher than either a conventional or FHA loan. Other determing factors will include, but not be limited to, DTI, late payments, type and amount of debt, age of credit, and others. What is the sales price and how much are you putting down? That is also a determining factor. What type of mortgage are you looking for? And the list can go on and on. Good luck on your quest. fla-tan
Re: Mortgage - Scores?/Fla-Tan Fla-tan, You seem very knowlegable about mortgage scores. What about my scores? Do you think they are good enough for a VA LOAN? Active duty for 11 years. $3,666 monthly gross. A little over $4,000 cc debt and 14,000 left on an auto loan. Had a 30 day late in 2/2001. Then I have some scattered older 30 day lates(mostly in 1997). Also, I don't plan to put a down payment down. In addition, the homes that we are looking at are just being built and the builder will pay closing costs. TIA for your help.
Re: Mortgage - Scores?/Fla-Tan Those scores are a heck of a lot better than mine were and I got a VA loan two years ago (and refinanced in Dec) without a hitch. Dancer
Re: Mortgage - Scores?/Fla-Tan Dancer, Did you go through a credit union or mortgage broker?? We are wondering if it is easier to qualify through a broker. Thanks you for your response!
Re: Mortgage - Scores?/Fla-Tan I used a broker for the purchase. On the refi, I picked whichever of the 20-odd offers to refinance (no foolin') I received that week that had the best terms. Dancer
Re: Mortgage - Scores?/Fla-Tan We just applied for an FHA loan. Still haven't heard but the broker told us that FHA does not even look at scores. Lenders do. You just have to find a lender that just uses FHA guidelines which I would think are similar to VA. VA might even be more lenient. My husband's mid score was 599. They said that all FHA wants is 1 year no lates with no BK. BK must be at least 2 years old and no lates for 24 months. All charge offs, collections must be paid unless they are really old or really small. Husband has one from 1996 for $65 and they don't care. They calculate debt to income but your's sounds fine. Nice thing about VA: no down. Lucky you. Good luck
