Qualifying is much easier than most of you seem to think.

biggermortgages · Joined: 04 Sep 2005 Posts: 10 Location: California

Maybe 10 years ago you needed a 700 score to get a mortgage.

NOT IN TODAYS WORLD ! This board is full of posts telling people they can not get approved with 5% down and a 630 score....

With a 336 FICO, TONS of collections and no employement or income verification at all. ANYONE can get approved with 7-10% down.

I am a national lender however, MANY lenders will do 100% financing at 570-580 and at 600 you can get a 5/1 arm and get super low payments.

Also there is a misconception that applying lowers your credit score. This is simply not true. Shopping for a mortgage with multiple lenders does not hurt your score- GUARANTEED. Lenders just use this to scare you from shopping around.

Also if most people took 2-3 weeks and actually ran and looked into the credit, most could easily jump 30-40 points with a little work on their own.

The key is READ READ READ and research until your eyes bleed.

Good luck, once you buy that first home or refinance- You almost always instantly fix all your credit issues...

dsickler · Posted: Sun Sep 04, 2005 7:26 pm Post subject:

Inguiries may or may not affect your FICO score.

A FICO score takes into account only voluntary inquiries that result from your application for credit. The information about inquiries that can be factored into your FICO score includes:

* Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account.
* Number of recent credit inquires
* Time since recent accounts opening(s) by type of acount.
* Time since credit inquiry(ies)

A FICO score does not take into account any involuntary inquries made by businesses with whom you did not apply for credit, inquiries from employers, or your own requests to see your credit report.

For many people, one additional credit inquiry (voluntary or initiated by an application for credit) may not affect their FICO score at all. For others, one additional inquiry would take less than 5 points off their FICO.

Inquiries can have a greater impact, however, if you have few accounts or short credit history. Large numbers of inquires also mean greater risk: People with six inquires or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.

The Truth about Mortgage Inguries:

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just on inquiry. In addition, the score ignores all mortgage and auto inquires made in the 30 days prior to scoring. So if you find a loan within 30 days, the inguiries won't affect your score while you're rate shopping.

David

chow · Posted: Mon Sep 05, 2005 9:03 pm Post subject:

so you all are here to tell me when I have the original broker who referred me a loan go back to his orignal people we work with, and we all decide to update our information out of the big 3- and it takes us 2 months to do this-

It's not going to affect a score.

If I'm going to waste my time on a "terminal refinace" and it flies through
Auntie fannie, or Uncle freddie...Fine.

Now how about If....

No, I don't think the teaming millions are worried about the next few years. I'll just shut up and play "blonde."

Seven Figures Proman · Joined: 27 Jun 2005 Posts: 33 Location: USA

Also there is a misconception that applying lowers your credit score. This is simply not true. Shopping for a mortgage with multiple lenders does not hurt your score- GUARANTEED. Lenders just use this to scare you from shopping around. by biggermortgages

Dsickler has a handle on it....and that Chow :roll:

I will add..

.... if a lender is coded as a mortgage lender this is true,but most brokers are not coded this way,so it does look like you are opening accounts all over...esp since most brokers "shotgun" you to a few lenders...who then in turn do their "due diligence" and pull their own credit files. I have seen scores drop like a rock!

I know a few lenders will go to a 560 midscore with some depth in credit of 2 or 3 open accounts and all collections or judgments that are > than 24 months old (unless medical) that need to be paid in full..then you can get 100% financing.....the majority of lenders want to see a 580 score or higher with the criterial listed above to get 100% financing.

Ciao,
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