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Started By
Message
Home Loan Situation
Posted on 6/14/13 at 12:44 pm
Posted on 6/14/13 at 12:44 pm
To make it short, first time home buyer, good credit.
Talked to agent, agent tells me to talk to lender to look at pre-approval to speed up process.
I contact a lender. Lender says I qualify for FHA and not a conventional due to limited credit history. Pretty much told me that sense I only have 1 credit card open, compared to 2-3, I am limited.
Lender will answer questions, but mainly likes going through email. He has not given me any rates just told me what amount I can qualify for under FHA, and sends me application to get the loan processed.
I feel this is shady? Do all lenders require 2-3 credit cards for conventional?
Talked to agent, agent tells me to talk to lender to look at pre-approval to speed up process.
I contact a lender. Lender says I qualify for FHA and not a conventional due to limited credit history. Pretty much told me that sense I only have 1 credit card open, compared to 2-3, I am limited.
Lender will answer questions, but mainly likes going through email. He has not given me any rates just told me what amount I can qualify for under FHA, and sends me application to get the loan processed.
I feel this is shady? Do all lenders require 2-3 credit cards for conventional?
2
Posted on 6/14/13 at 12:48 pm to HailToTheChiz
quote:
I feel this is shady? Do all lenders require 2-3 credit cards for conventional?
I bought a house in 2012. I feel like you are correct on your feelings here. You qualify for conventional if you can put the certain amount of down payment down(usually 20%) and with a good credit score. I think thats bullshite TBH. Doesnt make sense that the reasoning is your credit history to be qualified for FHA and not conventional.
Posted on 6/14/13 at 12:53 pm to AUtigerNOLA
quote:
and with a good credit score. I think thats bullshite TBH. Doesnt make sense that the reasoning is your credit history to be qualified for FHA and not conventional.
With that limited of a credit file, his score may not be high enough for conventional. You can have zero late payments in your life and still have a low score if you have a thin file.
Posted on 6/14/13 at 12:53 pm to AUtigerNOLA
so no 20% down means no conventional?
Posted on 6/14/13 at 1:03 pm to HailToTheChiz
Not necessarily but their credit restrictions for PMI are more stringent than FHA. That may be your problem. Did he tell you what your scores were?
Posted on 6/14/13 at 1:07 pm to JonTheTigerFan
quote:
With that limited of a credit file, his score may not be high enough for conventional.
Well I had student loans and one credit card. Score was 756. Wife's was 748. She had student loans and one credit card as well. It just made more sense financially to do FHA then conventional at the time. FHA now would suck.
Posted on 6/14/13 at 1:08 pm to JonTheTigerFan
My score is 734
Posted on 6/14/13 at 1:12 pm to HailToTheChiz
quote:not necessarily. We did conventional with 5%.
so no 20% down means no conventional?
Shop around a bit more, see what some other lenders say.
Posted on 6/14/13 at 1:48 pm to baytiger
quote:
We did conventional with 5%.
Shop around a bit more, see what some other lenders say.
Same. I did 5% conventional. First time homebuyer. I'd shop around more.
Posted on 6/14/13 at 1:50 pm to tigers444
Good deal Thanks
Posted on 6/14/13 at 1:58 pm to HailToTheChiz
Like they said, you can do conventional with as little as 5% down. Your score should be good. Someone said on here recently that brokers would rather do FHA. I don't remember if it's easier for them or makes them more money. Shop around.
Posted on 6/18/13 at 9:15 am to HailToTheChiz
alot of brokers push FHA becuase they get paid more on a FHA loan you can do conventional with 5% down with a 680 or up credit score..for the best PMI rate 740 score is the key but i saw you said your score was 734 you should get a great rate and PMI rate with that score
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