Lil Smurfette Posted August 15, 2006 Report Share Posted August 15, 2006 DH and I spoke to the LO yesterday at the new home development that we are wanting to buy at. I told her the situation about having some high utilization on our cc's and credit scores dropped tremendously and she suggested that we go on ahead let her pull or credit see what the scores are if we are not at the needed 660 middle score for the program, we could still get prequalified with a "violation" which she said the violation would be in order to go with the program that she's recommending credit score would have to be a 660. She said that she can do a rapid rescore to update the current balances and see what happens. My middle score is currently at 626. The house that we are trying to buy will be completed in by October 1st, so I'm assuming that it will be about a 30 - 45 day close. Oh and it costs $8000.00 to reserve the home. Link to comment Share on other sites More sharing options...
nascar Posted August 15, 2006 Report Share Posted August 15, 2006 What happens to your 8K if the deal falls through? Link to comment Share on other sites More sharing options...
firstsource Posted August 15, 2006 Report Share Posted August 15, 2006 I know that I am very conservative, so take the following comments with that understanding.I would get the loan approved based on your current situation. Then if things change you can always move on to a better loan. Depending on what your assets are you should qualify for a conforming loan (prime type rates). Rates might be a bit higher than what she is suggesting but not too much higher. Charles Link to comment Share on other sites More sharing options...
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