Were pre-approved and now not?

Asked by bdd0527, Howell, MI Fri May 4, 2012

We're having a problem getting approved for a loan with a 628 credit score? why is this? Do we have any other options?

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13
, ,
Sat May 5, 2012
BEST ANSWER
Hi bdd0527,

It sounds like the problem is with your broker. The most likely issue is that your broker has an outlet for an FHA loan under 640 but not for a USDA loan under 640 or they don't have the option of doing a manual underwrite on a USDA file.

You should check with another lender.
1 vote
Robert Campb…, , Howell, MI
Sat Jun 1, 2013
Keep shopping around for other lenders. Work hard to get your score, and if you have cash to put down that helps.
0 votes
Robert Smith, Agent, Brighton, MI
Fri Nov 30, 2012
I agree with John. Try to find a broker that does direct USDA loans. Locally (Howell Michigan area), I know of a few. Feel free to contact me if you need their info.
0 votes
santheostudio, Home Buyer, Fort Myers, FL
Sun Nov 25, 2012
Call Obama he will surely help
0 votes
, ,
Mon May 7, 2012
Hi bdd0527,

Thank you for the best answer. If you need help, you can contact me directly.

John Burke
Senior Mortgage Banker
ENG Lending
(877)228-9069
jburke@englending.com
0 votes
bdd0527, Home Buyer, Howell, MI
Sun May 6, 2012
He's actually being pretty rude to us, I'm guessing because our loan is like pocket change to him? Anyway, are there any recommendations or brokers that can do a manual underwrite or a usda loan for under 640? Are these questions I can call various lenders and ask? Thank you for all your help everyone, obviously were first time hope to be buyers!! All advice is greatly appreciated!
0 votes
Eric Michael, Agent, Northville, MI
Sat May 5, 2012
Those are all questions that your mortgage professional SHOULD be able to answer. If they can't, I'd find a new one.
0 votes
Deluxe Realty, Agent, Las Vegas, NV
Fri May 4, 2012
You can't take out a loan, use a small amount and pay it back within 30 days...

You can also get a secured line of credit... Way better for your credit, it's like a credit card, but it's backed with a secured amount of money put up by you, like $500+... This greatly helps you build your credit.
0 votes
bdd0527, Home Buyer, Howell, MI
Fri May 4, 2012
We were told to maybe take out a loan to raise our credit score more. But won't that just increase our debt to income ratio?
0 votes
bdd0527, Home Buyer, Howell, MI
Fri May 4, 2012
We dont owe anything on credit cards, we have a student loan but still on our grace period and start paying in July. Other than that no debt.
0 votes
Jason Gorton, Agent, Rochester, MI
Fri May 4, 2012
You may be able to raise your credit score by paying down your balances on credit cards. I have seen this significanlty increase scores.
0 votes
bdd0527, Home Buyer, Howell, MI
Fri May 4, 2012
The mortgage broker we were working with told us it was because of the credit score and that everything else was fine. We were hoping to get qualified through rural development he said we had gotten approved through fha but for 35,000? There's nothing in Livingston County suitable for children to live in for that amount. With rural development we were approved for 80,000? Do you believe someone could help us? Or tell us what we need to do to be qualified, I can't get a straight answer from anyone.
0 votes
Haig Istambo…, Agent, Rochester, MI
Fri May 4, 2012
Hello,

You can try a different lender, I have heard of a few lenders who will lend to clients with a credit score as low as 580 now. Every lender is a little bit different. But your credit score isn't all that is necessary to qualify for a mortgage. There is more to it than that.

Email me if you would like a couple of contacts that may be able to help you, my contact information is below.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes
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