Sine you did change lenders, this would be the reason a new GFE would have been issued. For a GA Dream loan, DCA does require a 620+ minimum credit score. Tighter underwriting guidelines will also apply with lower credit scores.
If there are any disputes on your credit report, those must be removed immediately. In most circumstances, lending guidelines do not allow a trade line to have a dispute status. You would need to contact each creditor and request that the dispute request be closed.
The lender who took your mortgage application had 3 business days to give you a GFE after you applied for the mortgage. Since they didn't and it is federal regulation, you should report them to Georgia's Banking Commission.
Since some items were disputed from your December credit report, your lender can do a rapid rescore. Without those items, your score should go up.
As you know, your file was mishandled. Your Banking Commission report should get a higher up in your lender's organization to look at everything. My bet that your problems will be corrected.
Agents are prohibited from advising the client of another agent and REALTORSÂ® have sworn to avoid sharing opinions about other REALTORSÂ®. I am, however, terribly sorry to know that you're are in this situation and hope for the best. Should you find yourself without an agent and have a need for some guidance, I'd welcome a call.
All my best for a successful transaction.
REALTORÂ® Keller Williams Realty Atlanta Partners
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
Late payments and other derogatory items will continue to impact your credit for several years, but the biggest impact is in the 0-24 months after the occurance. If your score has dropped, then you may have some recent late payments or other derogatory items.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
I can help you with this transaction. Call me at 678 467-9959 or email me at email@example.com.
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
Sorry for your troubles. 1st let me say 'Normally" you can have your credit pulled as many times as needed in a 2 week (14day) period and they will only count as one pull, some of the credit reporting agencies will go as far as 45 days under the same rule. However, it sound like you had a lot of straggling inquiries outside that timeframe.
You are on the right track to fixing your credit/scores but let me give you one extra hint for a quick boost (usually 10-14 points within a month).
Go to: http://www.optoutprescreen.com
Sign up for the 5 year electronic option. Whether you are aware of it or not the credit bureaus sell your information. Companies Passively scan your information thousands of times a month to look for individuals who meet their Demographics. By taking you off their list you do two things,
1. All the junk and marketing materials mailed to you everyday will stop (can take 3-6 months before final as information that is already sold has a max of 6 months to continue marketing to you)
2. More importantly, with out all the thousands of passive inquiries your score should jump at least 10 points in the next month.
Next Topic - with your scores, do you have at least 3 lines of credit? if so I can forward you information to another loan officer at Bank of America who is able to go down to 580 scores.
You are welcome to call me at 404-932-5353 for more information.
Senior Loan Specialist
Cornerstone Mortgage Group
678-578-7613 or 404-932-5353
Tim Brown below is in your State so reach out to him as he will be able to best guide you through this tough process. Not all lenders are easy or reasonable today. Sometimes it's best to get more than one opinion Rosalind.
Best of Luck to you,
Rob Hughes-Long and Foster RE INC
If you are not working with an agent, will please share a few more details? For instance, how much do you already have invested in this transaction (earnest money, appraisal and inspection fees, etc.)? Is this a foreclosure or government sponsored enterprise transaction (HUD, Fannie Mae, FDIC, etc.)? There may be an opportunity to cut your losses and move on, but more info would be needed.
Again, if you are not working with agent, please call so that we can speak.
REALTORÂ® Keller Williams Realty Atlanta Partners
There are many gaps here and unanswered questions but clearly this deal should have either closed or you should have terminated it. Post more specific details as to why it's not closing, what your agent has done, why your credit is dropping and what is being done to facilitate the closing.