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Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by shoelessjoe
on 2/7/19 at 10:08 pm



Trying to get a construction loan but can’t get approved. What are we overlooking?
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by AUCE05
on 2/7/19 at 10:16 pm to shoelessjoe

Debt? Low income?
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by ItzMe1972
on 2/7/19 at 11:07 pm to shoelessjoe

Did they say why no loan?
Have you shopped around?
Have you shopped around?
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by LSUFanHouston
on 2/7/19 at 11:26 pm to shoelessjoe


are your ratios out of whack?
Trouble proving income?
Credit score is important but not the only factor in mortgage underwriting
Trouble proving income?
Credit score is important but not the only factor in mortgage underwriting
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by baldona
on 2/8/19 at 6:03 am to shoelessjoe

You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.
Your income and downpayment in the least are missing.
Your income and downpayment in the least are missing.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by bubbz
on 2/8/19 at 6:14 am to shoelessjoe


Credit score is just that....a score. It is not the only factor when getting approved for the loan.
This post was edited on 2/8 at 6:14 am
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by kywildcatfanone
on 2/8/19 at 6:26 am to shoelessjoe


You're doing it wrong. Those scores shouldn't affect you unless you have a ton of debt.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by Upperdecker
on 2/8/19 at 7:54 am to shoelessjoe


Credick score
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by Tiger Prawn
on 2/8/19 at 9:53 am to shoelessjoe


quote:Did you have a foreclosure or bankruptcy in the past few years? Or maybe debt to income ratios are out of whack.
What are we overlooking?
Whats your total household income? And whats your current monthly debts (any loans and minimum monthly payment amounts on credit card statements)? Your monthly debt payments (including the new construction loan you're trying to get) can usually only be around 40-45% of your monthly income.
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re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by EveryoneGetsATrophy
on 2/8/19 at 10:27 am to shoelessjoe


Ask the company that denied you.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by Warfarer
on 2/8/19 at 10:47 am to shoelessjoe

quote:
Trying to get a construction loan but can’t get approved. What are we overlooking?
my guess is debt to income is too large for what you are trying to get. You can have a high credit score with a large DTI ratio as long as you make all your payments on time. It is just hard to get more credit at that point.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by TDsngumbo
on 2/8/19 at 10:49 am to shoelessjoe


Do you use credik or debik for most things?
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by HailToTheChiz
on 2/8/19 at 12:18 pm to AUCE05



re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by hawkeye007
on 2/8/19 at 12:43 pm to shoelessjoe

as a mortgage loan officer your missing alot of info. Construction loans have strict DTI guidelines and reserve requirements . If you trying to act as your own contractor there is another whole set of requirements. You need to ask these questions to the loan officer your applied with.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by shoelessjoe
on 2/8/19 at 6:19 pm to Warfarer

We were approved for well over the amount needed. At the last minute we were told that my wife’s student loans were the issue. Trying to get it resolved but is frustrating.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by LSUFanHouston
on 2/9/19 at 10:16 am to shoelessjoe


quote:
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments.
May require manual underwriting depending on how bad the lates were. Try another bank.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by The Spleen
on 2/9/19 at 11:04 am to LSUFanHouston


Yeah if it's been 3 years I would think there's a bank out there that would excuse it.
re: Wife has a credit score of 750 and mine is 710. Can’t get a loanPosted by Jag_Warrior
on 2/9/19 at 2:47 pm to baldona

quote:
You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.
Oh, why must we harp on minor details?

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