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Financing in 60565 : Real Estate Advice

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  • Home Buying6
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Activity 2
Wed Jul 22, 2009
Kurt Clements answered:
Hnms06:

Nice. You should only need a 620 score for a 203k loan so I have no idea what is going on there. If you switch to a new mortgage company they would check your credit. If you stay with the same company they wouldn't need to recheck your credit assuming you close and fund within 120 days of when the credit was last pulled.

As far as the job deal, is he paid commission or is he on a 1099 (self employed, they don't take taxes out of his check)? If so, that is why they need him hourly. If he's salary, no big deal.

I hope this helps and call me or email me with anymore questions.

Sincerely,

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

kclements@gsf-mortgage.com
www.gsfgovernmentloans.com
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Wed Jul 1, 2009
Jason Diperstein answered:
Tectonic,

Two things- first, no legitimate lender will give you a pre-approval without knowing what your credit scores look like. I'm not implying that you are assuming anything else, just want to make sure you know. Second, take a look at the link below from the FICO website, it should clear up some of your concerns. You will not see a decrease of more than a few points for shopping a mortgage. Scare tactics of major credit score drops from rate shopping are garbage.

http://www.myfico.com/CreditEducation/FactsFallacies.aspx

I also have a slight issue with what Mike said below. Lenders do not "feed lines" about guideline changes. The truth is that they do change, and I would not put my name or my bank's name on a pre-approval or any other paperwork that was completely useless because it was based on a hunch. Pre-approvals require documentation.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
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