Countrywide.com told me they do not go by credit score, they look at the report going back 2 years. I think finding a local office may be better than online.
oops i didnt mean to describe 700 as the "holy grail".. it's only logical that it be 800. An 800 score is pretty rare, but I know they're out there. I meant a score of 700 as where a person needs to be in order to be able to shop for prime rates exclusively, and not having to ever need to even consider sub-prime lenders. Then again, I'm gathering opinions here now that it's not 700, but 720. Oh well...
It hasn't been easy to finalize, but solely due to my scores, my mortgage broker has been able to get us approved (Funded this week hopefully) for a pretty decent mortgage even though a) I just changed jobs; b) I went from W-2 status to 1099 Status; c) We are putting no cash into the transaction; and d)we don't have alot of cash or other assets. Terms: First at 6.875%, No points. Seller is carrying back small second at 9% interest only for three years and paying all closing costs. All because my scores got good fast. FINALLY buying our first house. How much bigger can it get? It's huge.
