Posted on: 22nd Aug, 2009 09:36 am
Four months ago, my mid score was 618 at mortgage company A. Mortgage company B found my mid score to be 595 (?) and was told they were able to find an FHA loan program where this could be done at aprox. 6.5%.
At the same time (4 months ago) I have paid off a vehicle and an old bank account i had forgotten about (saw it on my credit history). I am about 4 weeks into the loan process with Company B and I have not locked in an interest rate nor have they told me my file has gone to underwriting. My closing date passed and my realtor was able to ask for an ammendment however, the seller is not happy.
I spoke to mortgage company C, to see if I could possibly use their services to get this mortgage to closing and to seek a better interest rate. Mortgage company C says, they will be able to help me if my score is 620 or above (otherwise, they can't do it).
Mortgage company B has given me aproximately a 4 - 6 week timeframe for the loan to go through while Company C says it may just take 2 weeks with them.
I'm not sure what to do and I don't want to loose the house.
At the same time (4 months ago) I have paid off a vehicle and an old bank account i had forgotten about (saw it on my credit history). I am about 4 weeks into the loan process with Company B and I have not locked in an interest rate nor have they told me my file has gone to underwriting. My closing date passed and my realtor was able to ask for an ammendment however, the seller is not happy.
I spoke to mortgage company C, to see if I could possibly use their services to get this mortgage to closing and to seek a better interest rate. Mortgage company C says, they will be able to help me if my score is 620 or above (otherwise, they can't do it).
Mortgage company B has given me aproximately a 4 - 6 week timeframe for the loan to go through while Company C says it may just take 2 weeks with them.
I'm not sure what to do and I don't want to loose the house.
Do you think that you have taken any recent steps to improve the score? If you have taken those steps then there is some point in pulling out the credit report otherwise it will shear a waste of money.
why don't you try it on your spouse's name if she qualifies.(her score more than 620).
let us know the recourse.
why don't you try it on your spouse's name if she qualifies.(her score more than 620).
let us know the recourse.
what happened with company A? company B is not very helpful if they've been working with you since a month ago and anticipate another 4-6 weeks to get you approved and closed. and, of course, company C is probably being over-optimistic in this 2 week scenario.
i think fred just presided over your wedding, too - you didn't mention a wife in your post. congratulations, though - i hope it wasn't a shotgun wedding.
i don't think giving company C a shot will hurt you, but if it were me, i think i'd try to double-dip for the moment, and see how they perform while still sticking with B.
i think fred just presided over your wedding, too - you didn't mention a wife in your post. congratulations, though - i hope it wasn't a shotgun wedding.
i don't think giving company C a shot will hurt you, but if it were me, i think i'd try to double-dip for the moment, and see how they perform while still sticking with B.
