Is getting a pre approval this difficult

5 Replies

How hard is it getting a loan approved ?! My husband has a credit score of 616 and I have credit score of 685. My debt to income ratio is a bit high but my husband makes great money . Is my mortgage broker not going to the extra mile or are our situation a complicated one ?

Originally posted by @Ella Myers :

How hard is it getting a loan approved ?! My husband has a credit score of 616 and I have credit score of 685. My debt to income ratio is a bit high but my husband makes great money . Is my mortgage broker not going to the extra mile or are our situation a complicated one ?

 Most retail direct lenders / mortgage banks have minimum FICO scores of either 620 or 640.

You will certainly want to be working with a wholesale independent mortgage broker for this one, to ensure that all the options available, are available to you.

Note that when I was a banker, some 30% of my clients thought I was a broker, so when you say "broker" please ensure you actually mean that word. :)

@Ella Myers If your middle score is under 620 you will likely be limited to FHA. If you can qualify on your husband's income alone, you will likely get better terms with only him on a conventional loan.

Updated over 1 year ago

VA and USDA loans are also possibilities under 620, if you qualify for VA or are in a USDA eligible area.