Lenders

[phebus]

When dealing with FICO scores, what is considered fair/good/excellent?

[totenhosen]

Are you talking about for a car loan or home loan?

[Do F150's Float?]

Woooo hoo! I feel smart today...thanks guys!
720+ Excellent (A paper lending)
680+ Above Average (some A paper, Alt A)
640+ Average (Alt A or subprime)
600+ below Average (subprime)
580 and below - poor (subprime)
Most lenders will not lend below 500, some have specials that go to 475. Anything lower would be Hard Money.
:rollside:

[NOTALENT]

Overall, a score of 650 or above is a sign of very good credit, and a very good credit score. People with scores of 650 or higher will, all things considered, have a good chance of obtaining quality loans at the best interest rates.
Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.

[Red Eye]

680+

[76ANTHONY]

Woooo hoo! I feel smart today...thanks guys!
720+ Excellent (A paper lending)
680+ Above Average (some A paper, Alt A)
640+ Average (Alt A or subprime)
600+ below Average (subprime)
580 and below - poor (subprime)
Most lenders will not lend below 500, some have specials that go to 475. Anything lower would be Hard Money.
:rollside:
smarty pants.... :D :D

[phebus]

Are you talking about for a car loan or home loan?
Home loans. We are buying a new house in the future, and we have been working real hard at cleaning up our credit by paying off everything we can. We just had our credit ran, and we are finally over 700 on our mean score. I just didn't know what the numbers really meant.
Thanks

[Do F150's Float?]

smarty pants.... :D :D
Yeah...i'm not having too many "blonde" moments today! :rolleyes: :rollside:

[Lost Wages]

Generally a 660 or higher qualifys you for the "a" paper style loan with the most aggressive rates being offered. However, on your conforming loans (400k an under), some lenders will look at loans all the way down to 620 (still a paper) as long as there are compensating factors in the file. (Assets, value, established credit)

[totenhosen]

Home loans. We are buying a new house in the future, and we have been working real hard at cleaning up our credit by paying off everything we can. We just had our credit ran, and we are finally over 700 on our mean score. I just didn't know what the numbers really meant.
Thanks
The other poster summed it up quite well. Only reason why I asked home loan or car loan is that lenders have different score criteria as to what they consider A+.

[76ANTHONY]

well i know there are people that can get a 635 loan for 250,000 :D

[Do F150's Float?]

well i know there are people that can get a 635 loan for 250,000 :D
We just closed a 1.4M with a 614 :D

[riverbound]

Woooo hoo! I feel smart today...thanks guys!
720+ Excellent (A paper lending)
680+ Above Average (some A paper, Alt A)
640+ Average (Alt A or subprime)
600+ below Average (subprime)
580 and below - poor (subprime)
Most lenders will not lend below 500, some have specials that go to 475. Anything lower would be Hard Money.
:rollside:
You are pretty smart for a dude :D

[Do F150's Float?]

You are pretty smart for a dude :D
You mean a blonde dude
>>>>> http://tinypic.com/fau341.jpg

[Mrs. Bordsmnj]

You mean a blonde dude
>>>>> http://tinypic.com/fau341.jpg
LMAO!!! :D How long have you been waiting to pull that one out?? hahahhaa :D

[76ANTHONY]

We just closed a 1.4M with a 614 :D
oh yeah i forgot about that one, thats my second house at havi...next time get it faster or i'll just pay cash :D :D

[Do F150's Float?]

LMAO!!! :D How long have you been waiting to pull that one out?? hahahhaa :D
:D :D :D quite a while now....

[riverbound]

You mean a blonde dude
>>>>> http://tinypic.com/fau341.jpg
:D :D
Dont lie....your a brunette :D
This is the pic I took of you at the river
http://www2.***boat.com/image_center/data/520/681screech.jpg

[Ivan Dan]

Overall, a score of 650 or above is a sign of very good credit, and a very good credit score. People with scores of 650 or higher will, all things considered, have a good chance of obtaining quality loans at the best interest rates.
Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.
Most people consider about 700+ to be great credit. Like Countrywide requires 730+ FICO for their best rates with a Fast N Easy program. I always tell my clients that anything over 700 is considered perfect credit.

[76ANTHONY]

:D :D
Dont lie....your a brunette :D
This is the pic I took of you at the river
http://www2.***boat.com/image_center/data/520/681screech.jpg
:crossx: :crossx: :crossx:

[Do F150's Float?]

:D :D
Dont lie....your a brunette :D
This is the pic I took of you at the river
http://www2.***boat.com/image_center/data/520/681screech.jpg
LMAO...you made me laugh at a really inappropriate time...thanks! :mad: :D
So, that was the same trip i took this picture of you, right?
http://tinypic.com/faugki.jpg

[76ANTHONY]

LMAO...you made me laugh at a really inappropriate time...thanks! :mad: :D
So, that was the same trip i took this picture of you, right?
http://tinypic.com/faugki.jpg
see hb forums help you at work.... :D :D

[riverbound]

LMAO...you made me laugh at a really inappropriate time...thanks! :mad: :D
So, that was the same trip i took this picture of you, right?
http://tinypic.com/faugki.jpg
Yah...but I have shaved since then. :D

[Do F150's Float?]

see hb forums help you at work.... :D :D
Wayyyyy helpful... did you forget you were on that river trip to :confused:
http://tinypic.com/fav2ib.jpg

[Up 4 River]

Does you credit score lower when you run it to find out what it is? I have been wondering what mine is lately but don't want to run it just becasue and knock it a couple of points. Any info appreciated.

[AZKC]

I'm a click or 2 over 700 and I would not loan myself money :messedup:

[Do F150's Float?]

Does you credit score lower when you run it to find out what it is? I have been wondering what mine is lately but don't want to run it just becasue and knock it a couple of points. Any info appreciated.
Not unless you have excessive inquiries in a short amount of time. You can have an higher amount of mortgage-related inquries because the credit agencies understand that you "shop" loans.

[riverbound]

OK....F-150 is a girl here is a pic of her shopping with her kids.
http://www2.***boat.com/image_center/data/520/681barbie_welfare.jpg

[Up 4 River]

Not unless you have excessive inquiries in a short amount of time. You can have an higher amount of mortgage-related inquries because the credit agencies understand that you "shop" loans.
Thanks! What are the differences if an individual whio files single and a couple who files jointly on getting home loans? What is a rough number of income needed and credit score needed for a $500,000 home loan? How do they merge credit scores? I'm assuming income gets merged as well but wondering? Thanks again for the info.

[ROZ]

Points are deductible aren't they? If you're going to pay points, it seems like closing before the end of december is a good move...

[76ANTHONY]

OK....F-150 is a girl here is a pic of her shopping with her kids.
http://www2.***boat.com/image_center/data/520/681barbie_welfare.jpg
:eek: :eek: :eek: :hammer2:

[Do F150's Float?]

OK....F-150 is a girl here is a pic of her shopping with her kids.
Yeaaaah baby, HUD pays for my house in laguna! RB...i know you needed a roommate...do you accept section 8?

[Ivan Dan]

Does you credit score lower when you run it to find out what it is? I have been wondering what mine is lately but don't want to run it just becasue and knock it a couple of points. Any info appreciated.
You should check your credit about once a year to make sure there isn't anything goofy going on. I've seen crazy things happen to people's credit and them not even know because they hadn't checked it in a long time.

[Do F150's Float?]

Thanks! What are the differences if an individual whio files single and a couple who files jointly on getting home loans? What is a rough number of income needed and credit score needed for a $500,000 home loan? How do they merge credit scores? I'm assuming income gets merged as well but wondering? Thanks again for the info.
1) the only difference being debt to income issues. if you guys have a lot of combined debt (reporting against both of you) it might be wiser to use both parties income. This is for both full doc or stated income loans (because the stated income has to be reasonable for the position/time on the job). For full doc loans, the middle fico of the primary wage earner is used most of the time . I have run into certain lenders (namely countrywide) who uses the lower of the 2 parties middle fico scores. Most stated loans will also use the lower of the 2 parties middle fico scores (so you can't overstate the income of the primary wage earner to get a better rate).
2) For a $500,000 loan, it depends on how you set up the loan (fully amoritzing or interest only). The main thing to keep in mind is your ratios (debt to income) you have a top-end ratio (your monthly housing expense, which is PITI) and a bottom-end ratio (PITI plus all other credit expenses). Most A lenders want ratios around 28/36, but with automated underwriting you can get thing accepted into the 40's. Subprime lenders will go up to 55% bottom end ratio. Because there are so many factors in this, it's really hard to say what an ideal monthly income is - remember they (generally) use a 2 year average of your gross monthly income. Ficos should be above 580 for 100% financing (full doc) or over 660 (stated) for the best rates.
Hope this helps!!!

[76ANTHONY]

1) the only difference being debt to income issues. if you guys have a lot of combined debt (reporting against both of you) it might be wiser to use both parties income. This is for both full doc or stated income loans (because the stated income has to be reasonable for the position/time on the job). For full doc loans, the middle fico of the primary wage earner is used most of the time . I have run into certain lenders (namely countrywide) who uses the lower of the 2 parties middle fico scores. Most stated loans will also use the lower of the 2 parties middle fico scores (so you can't overstate the income of the primary wage earner to get a better rate).
2) For a $500,000 loan, it depends on how you set up the loan (fully amoritzing or interest only). The main thing to keep in mind is your ratios (debt to income) you have a top-end ratio (your monthly housing expense, which is PITI) and a bottom-end ratio (PITI plus all other credit expenses). Most A lenders want ratios around 28/36, but with automated underwriting you can get thing accepted into the 40's. Subprime lenders will go up to 55% bottom end ratio. Because there are so many factors in this, it's really hard to say what an ideal monthly income is - remember they (generally) use a 2 year average of your gross monthly income. Ficos should be above 580 for 100% financing (full doc) or over 660 (stated) for the best rates.
Hope this helps!!!
so say i need a loan for ummm 600,000 for a house and a wife, is 638 good enough :cool: :devil:

[totenhosen]

Points are deductible aren't they? If you're going to pay points, it seems like closing before the end of december is a good move...
Over the life of the loan I believe

[Ivan Dan]

Thanks! What are the differences if an individual whio files single and a couple who files jointly on getting home loans? What is a rough number of income needed and credit score needed for a $500,000 home loan? How do they merge credit scores? I'm assuming income gets merged as well but wondering? Thanks again for the info.
Putting both names on the loan is completely up to you. If credit scores are about the same and you need the second person to qualify based on income than go for it. Just about anyone can get qualified for a home loan but the better your credit is the better rates are and less your closing costs will be. Sometimes if one party has better credit then the lender will want to put it only in that persons name to help you get the better rates. They don't really merge credit scores for single people they look at each individually same with income but this is not the case for married people. For some people they have to do what is called a stated income loan which generally the rates are about 1/4 - 1/2 % or so higher. The reason they do a stated income loan is for people who may not be able to prove all of their income because on being self employed, paid cash, tips etc.
Hope that answered all your questions. :D

[soupersonic]

I was under the assuption that even on a stated they verify income/ employment. Are you talking No doc?

[Do F150's Float?]

I was under the assuption that even on a stated they verify income/ employment. Are you talking No doc?
Stated - They will verify your position & length of employment, but not the monthly income amount.
No Doc - you don't even list where you are employed on your application. :)

[riverbound]

Yeaaaah baby, HUD pays for my house in laguna! RB...i know you needed a roommate...do you accept section 8?
Yah...but we only do 50 cents on the dollar. :smile:

[Do F150's Float?]

Yah...but we only do 50 cents on the dollar. :smile:
Ya know, i thought for a second that WAS me in that picture...but then i saw the Budweiser & the Jack...you know I'm a coors light / captain morgans kind of girl...that was pretty sneaky RB :devil:

[76ANTHONY]

Ya know, i thought for a second that WAS me in that picture...but then i saw the Budweiser & the Jack...you know I'm a coors light / captain morgans kind of girl...that was pretty sneaky RB :devil:
ya know, all this numbers talk from a woman is really turnin me on :D :lightsabe smarty smarty pants :D

[abraman1326]

Just an FYI, I hope you didn't use a credit counseling program to work on your credit. I know it sounds stupid, but a lender is harder on that than they are on someone w/ a Chap 7 bk. Just a little tidbit, don't use Credit Counseling Services...
BRA

[Do F150's Float?]

ya know, all this numbers talk from a woman is really turnin me on :D :lightsabe smarty smarty pants :D
LOL...$4.99 a minute...i'll read you some rate sheets :D Besides, i gotta be smart...gotta feed those 14 kids RB thinks i have...right? :mix:

[76ANTHONY]

LOL...$4.99 a minute...i'll read you some rate sheets :D Besides, i gotta be smart...gotta feed those 14 kids RB thinks i have...right? :mix:
id pay 5.99 if you had brown hair :D :D

[riverbound]

Ya know, i thought for a second that WAS me in that picture...but then i saw the Budweiser & the Jack...you know I'm a coors light / captain morgans kind of girl...that was pretty sneaky RB :devil:
The budweiser and the Jack is for the baby's daddy :wink:

[Do F150's Float?]

id pay 5.99 if you had brown hair :D :D
Give me a few weeks for my roots to grow out.... :wink:

[Do F150's Float?]

The budweiser and the Jack is for the baby's daddy :wink:
Nuh uh...i don't date those kind of guys :notam:

[76ANTHONY]

Nuh uh...i don't date those kind of guys :notam:
no he didnt say date he said baby's daddy..... and whats wrong with those kinda guys. hmmmmmmmmmmmm????

[Do F150's Float?]

no he didnt say date he said baby's daddy..... and whats wrong with those kinda guys. hmmmmmmmmmmmm????
A better questions is what's not wrong with those kind of guys :hammer2:
.....just kidding :D
...... sorta.... :jawdrop:

[76ANTHONY]

A better questions is what's not wrong with those kind of guys :hammer2:
.....just kidding :D
...... sorta.... :jawdrop:
just thought id ask, i'll drink anything as long as i get trashed :D :D

[Do F150's Float?]

just thought id ask, i'll drink anything as long as i get trashed :D :D
I used to be like that, now i'm partial to coors light & captain....although I've been known to "hold" roadrapers for people before.... :crossx:

[riverbound]

I used to be like that, now i'm partial to coors light & captain....although I've been known to "hold" roadrapers for people before.... :crossx:
Yah...she "holds" them and then gives them back when they are empty :hammerhea

[76ANTHONY]

I used to be like that, now i'm partial to coors light & captain....although I've been known to "hold" roadrapers for people before.... :crossx:
capt-coke-redbull, yeah thats it ohhhhh man my mouths watering.... :D :devil: :devil: :coffeycup

[76ANTHONY]

Yah...she "holds" them and then gives them back when they are empty :hammerhea
maybe she needs a cult huh????? :D :D
i gathered she didnt give em back full... :D

[Do F150's Float?]

maybe she needs a cult huh????? :D :D
i gathered she didnt give em back full... :D
Awww nooooo :( i don't want a cult :cry: please don't make me go back into hiding! :(

[76ANTHONY]

Awww nooooo :( i don't want a cult :cry: please don't make me go back into hiding! :(
never, your too much fun to play with, oh and smart :idea: :idea:
are you sure your female, got brains hmmmm

[Do F150's Float?]

never, your too much fun to play with, oh and smart :idea: :idea:
are you sure your female, got brains hmmmm
Awww thanks! :D And ya...im sure i'm a girl...i promise :hammerhea

[76ANTHONY]

Awww thanks! :D And ya...im sure i'm a girl...i promise :hammerhea
:D :D :D

[phebus]

Just an FYI, I hope you didn't use a credit counseling program to work on your credit. I know it sounds stupid, but a lender is harder on that than they are on someone w/ a Chap 7 bk. Just a little tidbit, don't use Credit Counseling Services...
BRA
I didn't, just made a huge effort to pay credit down.