“You Did What?”
Yes, I’m telling you your credit scores are now too low to get the mortgage to buy your home. One of the many conversations I have with everyone we are doing a mortgage for is to make sure you keep making all of your payments on time.
We had this transaction just about ready to close; the quality control department often times will do a credit report to make sure everything is still good. We started out at a 597 credit score, not great but good enough. When a new credit report was done the score dropped to 528. This lender’s minimum credit score that they will do is 550.
It is never fun to tell someone I can’t get their mortgage closed. I already had a bad feeling as to what happened, below was the response:
So what are you telling me? We can't get the loan? It's over? Most likely it's because we haven't paid anything because we are waiting for our closing on our house! That has to be the reason, we haven't done anything else!
Image courtesy of Farconville/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.