bigredd991 Posted January 2, 2007 Report Share Posted January 2, 2007 My Score is now above 650, where should it be before I start looking to get approved for a morgage Link to comment Share on other sites More sharing options...
sr28b Posted January 2, 2007 Report Share Posted January 2, 2007 That would depend on your goals. 650 certainly gets you a house. Link to comment Share on other sites More sharing options...
PeteDude Posted January 3, 2007 Report Share Posted January 3, 2007 That would depend on your goals. 650 certainly gets you a house.That, and a blender thrown in. Actually, if you read around these parts, 640 and above will get you into decent financing. Near as I can tell, there's not that much difference between 640 and 740 when it comes to mortgages. Link to comment Share on other sites More sharing options...
sr28b Posted January 3, 2007 Report Share Posted January 3, 2007 ..Near as I can tell, there's not that much difference between 640 and 740 when it comes to mortgages.Pete, that is dependent on doc type, LTV, etc.. but yes, it is possible for a 620 borrower to get the same loan terms as an 800+ borrower. Link to comment Share on other sites More sharing options...
admin Posted January 3, 2007 Report Share Posted January 3, 2007 Actually, A rate conventional loans are a minimum of 680 credit score. Link to comment Share on other sites More sharing options...
sr28b Posted January 3, 2007 Report Share Posted January 3, 2007 Admin, true 680 is the minimum for A rate conventional loans, but if using A/U/S and an 'approved/eligible' (FNMA's DU & DO) or 'accept' (FHLMC's LP) is issued then the borrower gets the conforming rate regardless of score. I talked with a processor a few moments ago who said she closed a loan last month on an approved/eligible with a 542 mid score. The LTV was only 50%, so although it's not the norm, it can happen.As a general rule, if you want conforming A rates and low or no down payment then 680 or above should be the target. Link to comment Share on other sites More sharing options...
PeteDude Posted January 8, 2007 Report Share Posted January 8, 2007 Actually, A rate conventional loans are a minimum of 680 credit score.Thanks.Good news is, that gives me a new score goal.Bad news is, more work ahead to reach said goal! Grrr!!But I'm glad to know anyway. Link to comment Share on other sites More sharing options...
piionline Posted January 11, 2007 Report Share Posted January 11, 2007 CONGRATS ON THE GREAT SCORE!!!!But becareful when you shop around. Make sure you apply for all the places you think are great within a day or two, just to keep your score from dropping (but I am sure you already knew that I just bought my first rental property and one of the people I used for a loan quote impressed me so much that I decided to go work for them part time. This company has tons of options for loans.There are tons of evil loan people out there that will destroy you with super high fee's and not telling you everything up front. (the more the fee's the more money they make, they are paid on commission) This company does everything online, and tells you what loan packages you qualify for instantly. You see all of your options and you see every loan that you qualify for. You are not visiting a traditional loan officer that tells you what you qualify for. This program works where you pay an application fee (all loan officers charge you this, they just hide the cost from you) up front, then instantly you can see all the programs you can get! They also give you instantly a sheet that tells you how much your loan will cost, instantly. I just started doing this part time, but I feel that I can really help people with this. I have been helping a few people on here with their credit and this place is how I fixed my Credit. Now I want to give back even more.Please let me help you review your current loan docs to look for the commission fee's I mentioned earlier.. I don't have a problem with that at all. I just hope that I will be able to be as good as Charles as he still rocks!Thanks! Barry Link to comment Share on other sites More sharing options...
mcck Posted January 11, 2007 Report Share Posted January 11, 2007 How do charge -offs of 2-3 years old are looked upon by mortgage grantors considering they were not deleted in the meantime or credit reports show no other negatives? My broker told me that mortgage companies will not loo upon the charge offs as negative if they were less than one year old. Link to comment Share on other sites More sharing options...
firstsource Posted January 13, 2007 Report Share Posted January 13, 2007 Your broker was correct to a point. He is putting you into a "non-conforming" type loan (Also known as Sub Prime) and for most of those programs collections/charge offs that are over 12 to 24 months old are ignored. Where your loan officer was not correct is when your credit situation is such that you can get a "conforming" or prime rate loan. For those programs all collections/charge offs have to be paid. Charles Link to comment Share on other sites More sharing options...
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