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#7551 - 10/19/05 01:05 PM Re: housing loan nightmare
sox in '04 Offline
Diamond Poster

Registered: 02/07/05
Posts: 1304
Loc: Massachusetts
Good luck-let us know how it goes.
_________________________
These are my opinions and should not be considered legal advice.

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#7552 - 10/24/05 08:24 AM Re: housing loan nightmare
smartfella69 Offline
New Poster

Registered: 10/19/05
Posts: 6
no luck.
lenders still going by credit score and don't care why it is low.

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#7553 - 10/24/05 10:08 AM Re: housing loan nightmare
sox in '04 Offline
Diamond Poster

Registered: 02/07/05
Posts: 1304
Loc: Massachusetts
Did/have you recieved an Adverse Action Notice (or denial letter)from the lender? If so, what were the reasons given?

There may be more to it than the credit score. Did anything change between the time you were first approved for the loan and the time you found another property? There could be other reasons, along with the inquiries, that drop the score. Late payments, new credit opened, use of credit, can all lead to the change in score.

May I ask what the score was when you were approved for the loan initially and what it is now?
_________________________
These are my opinions and should not be considered legal advice.

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#7554 - 10/25/05 08:18 AM Re: housing loan nightmare
smartfella69 Offline
New Poster

Registered: 10/19/05
Posts: 6
the only thing that changed was, we moved to a different state and accepted jobs we had lined up befor ethe move. wife still works for same company but got a promotion and more income, i make pretty much the same except more overtime to make income slightly higher.
no new credit opened, no late payments etc.
the credit score was fine until all the credit checks were done.
lenders take one look at the credit score and don't even bother looking at anything else. they just tell us our credit score is too low, can't do it.
we were fine until the orignal lender that approved the loan looked at the info we sent them, and found out it was a manufactured home, after the fact. then they denied it, telling us the only way we could get it, is if we mortgaged the house in the other state the kids are now living in, for 25,000 at 10% for 30 years to make an $11,000 downpayment on a 70,000 property that the rest would likewise be financed for 30 years at 10%. but that was after the credit score was dropped. prior to that the downpayment and interest was considerably lower, and didn't require mortgage of the other property.

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#7555 - 10/25/05 09:15 AM Re: housing loan nightmare
Dream Dancer Offline
Member

Registered: 09/02/05
Posts: 82
Loc: Texas
If the manufactured home is not being permanently afixed to the real estate (with Manufactured Home Title cancelled)that will make a difference in the rate and down payment from what was originally quoted, if the lender did not know at that time that the property was a manufactured home. Manuafactured homes typically have a higher rate and down payment requirement with most lenders.
The recent move to another state probably had more to do with lowering your credit score than the inquiries.

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