Financing in 02061>Question Details

Dm, Home Buyer in Boston, MA

I was pre-qualified with a reputable bank in November. I recently found a home, had the inspection and I'm ready to sign the P&S. I did a

Asked by Dm, Boston, MA Wed Feb 10, 2010

credit check on myself last night, just to be sure, and wouldn't you know there's a new negative mark. My credit card copmany reported that my scheduled payment is $303 and I only paid $300. My FICO remains at 705. Will I still be able to get a mortgage?

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Yes you will still qualify for your mortgage the question is which one you will qualify for.
1. You live in Mass. once a year you can request a free credit report from the 3 bureaus." Do so once a year and make sure everything is correct on your report and being paid"
2. Stop looking up you FICO score your loan officer will do it and will inform you of your score if you ask.
3. You might want to start writing down your expenses so that you pay the correct amounts on your bills.
4. Your pre-approval will probably also expire in about 3 months so make sure you are ready to buy when you get approved.
Good will hunting!
0 votes Thank Flag Link Fri May 17, 2013
Stop pulling your credit. You may doing the damage to yourself. Even if these companies state they don't affect your credit, don't always believe it. That said, if you used a bank and they pulled all three bureaus, they may not need to pull your credit again. If you used a broker, your credit may be pulled again when run through an automated system. We don't know your profile, so we can't say if you're okay or not. You'll have to let your LO know that you pulled your credit and let him/her be aware of the damage done. Hopefully this will not knock you out of the program you asked for. I don't know where you were before. Are you getting lender paid MI (usually requires 720 scores with no hits); Are you doing a first and second mortgage (usually requires a 720 score? Are you doing a jumbo loan which may require a high score for a better rate? Yes, you can still get a mortgage, but you may not get what you want.
0 votes Thank Flag Link Wed Feb 10, 2010

That will not be a deal breaker. But an actual prequal is not a gaurentee that you'll get a loan because its not backed with any solid documentation which has been placed in front of an underwriter. Which means your score is only part of the equation and you won't know where you stand until your Lo has gathered all your required information.
0 votes Thank Flag Link Wed Feb 10, 2010
A pre-Qual is not the same as a pre-Approval, or better yet, an actual approval. I would have recommended getting an actual pre-Approval before spending money on an inspection. But I would tend to think that a $3 difference in your liabilities will not make a difference in your ability to get approved. Just make sure that the P&S gives you sufficient time to get your mortgage approval/commitment from the lender. Any problems or questions, let us know here at We professionals are a good source. Good luck!
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0 votes Thank Flag Link Wed Feb 10, 2010
You should be ok but I would touch base with your mortgage broker or bank immediately. Hopefully you have a mortgage contingency which should protect you if you don't get your commitment by a certain date.

Good luck!
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0 votes Thank Flag Link Wed Feb 10, 2010
Most likely YES, however speak direct with your mortgage broker who has all your financial records.

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0 votes Thank Flag Link Wed Feb 10, 2010
You'll be fine as long as the 705 is the middle of the 3 repository scores. What are your other two scores?
0 votes Thank Flag Link Wed Feb 10, 2010
That doesnt seem to be a deal breaker but you should call the loan officer that preapproved you, preapprovals do expire and need to be redone. You should should be all set but their opinion is teh only one that matters. good luck with your purchase.
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0 votes Thank Flag Link Wed Feb 10, 2010
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