What are the chances of my loan after being denied previously approved with the following information?

Deal Score0

We estimated a house and a contract for the purchase price of $ 129,900 $ 135,000 to the lender. The seller has to agree to $ 7k in closing costs and is included in the price paid. We make $ 67k combined (its 35k, 32k) I am at my job for 9 years and have just started, but was at his previous school for 3 years (they moved). We have 10k in bank reserves and our debt to income mortgage and all bills will be 33%. The kicker is their credit score is 573 (average of the three credit bureaus) mine 710 (same mean). He arrived very late payments on their behalf and some collections, however, when she was married, I pay for collections to buy them. We were already approved and said that our speed stuck at the lady, we would get a better rate if you do go to my data, but we need her income to get to our home is 5.75%. We submitted everything they requested, before our rate was locked in and my loan officer said he did not see anything cause the insurer to deny us … I trusted him and wishes to be closed Aug. 21. We have over $ 1500 in testing, inspection and pay serious. I read most of the banks not to someone with a credit rating of approval 620. Does anyone have someone or something similar who was in a similar situation, have approved? I am a bit off, to say the least, and he aspires to panic.
I only 30K one year 24, have a credit history of 5 years / 4.5 avg with 1 to 30 days delay of nearly 4 years. 2 accounts in the amount of renewable 3K and 6.5K for a car loan is a half course. No mortgage or memory cache. rent 500/month … 150 … Active Auto CC / gas card (paid in full) use of low minimum payments. My score is 729 Equifax, which is very good, but not included in circulation. My question is how exactly a total turnover of I based on my income? Because you should stay below 10% capacity … as high as possible, but how much of what is reasonable in the context should be taken?

  1. Reply
    February 6, 2011 at 12:43 pm

    There is a very good chance that your loan will not be approved in underwriting. Her score is just too low. At this point you can only keep your fingers crossed.

  2. Reply
    bryan l
    February 6, 2011 at 1:02 pm

    You got locked into a 5.75% with scores like that!
    You may find yourself in a surprise with this but your LO office was certain enough to say you are in the clear so got you to pay 1500! Must not be a novice LO, I would recommend going to her supervisor and get a documented confirmation on this. You should of asked them to pay it as part of your package. Pre-approval means just pre-approval. Underwriting is a whole different program, It is an actuall person that test your risks such as income, credit score ect. You loan may go to a few underwriters with that score therefore delay your closing date. I see alot of banks use the middle score of the one with the lower credit score as there marker for APR rates. I hope this one goes through for you. My friend Tom had a score of 740 his wife has a 635 with the same DTI and incomes ect. and got pre-approved and ended up not getting approved through underwriting. Do some more research on how many loans get approved in underwriting.

  3. Reply
    February 6, 2011 at 1:39 pm

    There are several companies out there that do grant loans to individuals with poor credit assuming you have a weekly paycheck. I would not advocate using this type of financial unless it is absolutely necessary. It can be very expensive especially the fees they charge.


    However, there are also many, many loan sharks out there that will take your last dime with no remorse. You must be very careful in this area and check out every potential lender (better business bureau is a good source) and of course read the fine print very carefully.

  4. Reply
    February 6, 2011 at 2:16 pm

    Did you get a “pre-approval” or a “pre-qualification”? There is a significant difference.

    A pre-qualification is just an indication that you are qualified for a mortgage of a certain amount, with no obligation of the lender to follow through.

    A pre-approval, generally, has been through underwriting already and the letter should state something that commits the lender to making that extension of credit if there is no material change in the information originally submitted and the eventually selected collateral (the home) is satisfactory. Your credit would have already been pulled.

    Look at what you have from the lender and see if it has language to that effect. Often there is much confusion about the loose inferences of a pre-qualification versus the tighter commitment of a pre-approval.

  5. Reply
    February 6, 2011 at 2:19 pm

    Hers is low but yours is high, personally would not worry about it it will be mostly based on yours

  6. Reply
    February 6, 2011 at 2:23 pm

    It looks to me that you should question why you need credit. Save for a couple of months, or take a part time job until you Have some cash independence. Then you can use a no interest bank card and spend only what you need.
    Get on a budget and stop paying interest

  7. Reply
    Ed Atun
    February 6, 2011 at 3:20 pm

    The average credit score in USA is 720. You are average. You could easily carry $ 3,000 in revolving credit..

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