At my husband’s urging, we met with a LO to get the ball rolling on getting a mortgage at the beginning of December. We’re currently living in his one-bedroom loft and we’re desperate to move. I was hoping I’d have more time to get my finances in order, but that didn’t happen.
My husband thought it would be more advantageous for me to apply for the loan by myself, even though his scores are high 700s, because he owns our current home. Plus, his work history hasn’t been as steady as mine. I’ve also been working two full-time jobs for the past year. I was surprised to find out at our meeting that my middle mortgage score was 622 (minimum I needed was 620). Note: At this time, I didn’t even know there was a different score for mortgages/auto loans. The LO asks for both of us to draft LOEs (me for my credit report baddies, and my husband’s inconsistent employment history) because she wanted to see if we should both be on the application or if I could be on it alone.
I got an alert today that said that one of my FICO score 8 increased by 31 points. I was so excited, I purchased the 3B report to see what was going on. I finally figured out that there are scores for mortgages that are different than the FICO scores, and saw that my middle mortgage score has now dropped to a 608! Ugggggh, I feel crushed.
Just when I thought there may be a chance for me to save the day and get us our dream home, this happens.
Will my credit report be pulled again during the application process? Do I have time to try and increase my mortgage scores (I’m not even sure how to do that right now)? Should I kiss this house goodbye and focus on working on improving my scores, then house hunt? It wasn’t my idea to start house hunting to begin with, but we’re in a less-than-ideal situation right now.