Posted on: 02nd Oct, 2011 11:33 am
We had a prequalification with a local bank so we placed a bid on a home. We decided to go with Wells Fargo as it's who our realtor recommended. Now wells fargo won't even give us a prequalification. The prequal with the local bank was 2 months ago and we have not had any major changes to our credit. The main borrower has a credit score of 750, but the debt to income ratio isn't working out for wells fargo so we are told. Is there any hope for us?
Welcome aim,
You can ask the main borrower to contact other local lenders and apply for a pre-qualification for a mortgage with them. If the main borrowers meets all the required criteria of the lender, then he will be pre-qualified for the mortgage.
You can ask the main borrower to contact other local lenders and apply for a pre-qualification for a mortgage with them. If the main borrowers meets all the required criteria of the lender, then he will be pre-qualified for the mortgage.
Hi aim15!
The best way to improve your credit score is to let your past be your past and begin making responsible payments in your future. Pay your bills on time and completely and make no excuses. Don't spend more than you can afford. Get a secured credit card if you need to and make a $5 purchase and a $5 pay off every month. This builds good credit which will make your past bad look so much less bad. It is nearly impossible to dig out of 7 years of debt, but it is easy to stay current and thankfully, that is really all it takes. Within 2-3 years your credit will be way up there, even if there is still some bad stuff hanging around from long ago.
:idea:
The best way to improve your credit score is to let your past be your past and begin making responsible payments in your future. Pay your bills on time and completely and make no excuses. Don't spend more than you can afford. Get a secured credit card if you need to and make a $5 purchase and a $5 pay off every month. This builds good credit which will make your past bad look so much less bad. It is nearly impossible to dig out of 7 years of debt, but it is easy to stay current and thankfully, that is really all it takes. Within 2-3 years your credit will be way up there, even if there is still some bad stuff hanging around from long ago.
:idea:
Sometimes lenders will change their guidelines to slow down or increase business.
Right now Wells has lowered their DTI requirements while some lenders have continued with higher limits.
If you would like to discuss in further detail we lend nationwide and have access to a variety of loan programs.
Have a great day!
Maria
[External link deactivated as per forum rules. Thanks.]
Right now Wells has lowered their DTI requirements while some lenders have continued with higher limits.
If you would like to discuss in further detail we lend nationwide and have access to a variety of loan programs.
Have a great day!
Maria
[External link deactivated as per forum rules. Thanks.]
There are more lenders in the world than just Wells Fargo
Call another lender and get a second opinion.
What debt ratio is Wells Fargo getting?
Call another lender and get a second opinion.
What debt ratio is Wells Fargo getting?
