It may be especially when frequent credit pulls are done. Also prior to presentation of the mortgage commitment, you normally sign an agreement letter with the lender that they will get you a certain rate or better but you have to stick with them or pay a certain % if you bring the commitment to another lender. Stick with one. I would be shopping for you instead of you going to different banks and I only do one credit pull.

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My boyfriend and i are going to get pre-approved to buy a house. due to stupidity years ago when he first received credit cards, his credit score is poor. he also just got a new job..started training this week, so his paychecks won't even show regular pay for a while now. i've got a score in the 700s...have had my job for almost 2 years with consistent income. we don't know if it's best for me to apply for the mortgage on my own. i also have great debt-to-income ratio. will his new job (inability to show consistent income) plus poor credit affect us in a negative way for our pre-approval or will just his additional income help us? we make the same amount of money but i fear that my income alone will look like i can't even afford a house (if that matters), when in reality, we'd be splitting the mortgage. although it doesn't matter.... a marriage is in our future. we want to buy simply because now is a great time and we'll end up paying less in a mortgage payment than we currently are in rent right now.

I feel for ya girl. I'm in a very similar situation and I know for a fact that if his credit isn't good, don't put him on the lease. There's nothing at all wrong with you putting your name down legally and adding him as an occupant. Then you get the extra income, you get to live together, and you're not setting yourself up for a downfall. If for whatever reason things get sticky or don't work out, you can find another tenant and you won't be stuck dishing out a lot of assets for your man. It's the smartest thing to do if you're not married. And don't let all the hard work you've put into your good credit get flushed down the drain by someone who didn't find it a priority.

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I just applied for a mortgage pre-approval with a mortgage company, and the guy said he'd call me in a few minutes. it's been an hour and a half since i called & he hasn't called me. does this mean i wasn't approved? my husband makes 50 thousand a year & has been in the same line of work for 12 years. we have no major debt, and we both have good credit. i only want a starter home for about 100,000 i figure we should be able to get a loan. with all the home forclosures & the bad economy lately, is it harder to get a mortgage? i live in michigan which is one of the worst states for forclosures & bad economy.

It will be easier to buy a house but harder to get a mortgage. House prices are falling, which is good for you; but the subprime lending market is gone. You ought to qualify for a conventional loan, which is a good thing. The general rule of thumb for conventional mortgage loans is that you can't afford to buy a home that is more than 3x your annual income. On the other hand, they will want you to put money down, like 5 or 10 % and to be able to pay closing costs too. If I were borrowing for a mortgage, I'd start with my own bank, I'd be more likely to qualify there.

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I'm a first time home buyer, my wife is not. she has no negative issues with her last house. i have never had bad credit because i've never had any credit until recently when she added me to her credit cards. one which is now paid off and the other with a balance of $7,500. were pre-approved for $269,000 but only need 218,000 with 7,000 down and 3,000 for closing, both of which will be borrowed from 401k. 401k has 23,000. we bid on 1.1 acres of land for 100,000 plus cut the seller of the land a check for $500 which will be applied to settlement costs. 2 weeks later we signed a construction agreement for building the house we picked out. today we go to the bank for the loan application and have to cut another check for $350 which from what i understand is non-refundable. my question is are the chances of us getting approved from the lender favorable or not? my wife has excellent credit and i have a little credit now. our gross income is around $70,000/year.

Dear djskooby The first thing that will help you is... always remember that obtaining a loan is a: process You already have your pre-approval, and there are still many hoops to overcome. The lender will still need to review all the documents to support the information that you provided on the loan application. If all meets with their criteria you there should be no problem in getting your loan. Best of Luck Daisy

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My wife and i applied for pre approval on a house. she has a bankruptcy from 5 years ago but a credit score of around 670. my score is far worst at 570 or so but together we have very little debt. in my usual idiotic ways, i forgot to pay the utility bill for jan and feb. will this affect our ability to get a loan or are the utilities not that big of a deal? we were told by the bank because of my wife's bankruptcy our pre approval had to be submitted to an underwriter before they can issue it. we decided to apply for the loan just in her name and the utility is also in her name. the reason it was not turned off is because in wisconsin they do not cut the power off to customers who are late to paying the bills in the winter months. anyone who does not have their bill payed in full by like the end of april will get their service cut off.

Hurry up and pay. The utility companies usually do not report till 3 months. As a homeowner forgetting to pay bills is unacceptable.

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My fiance and i are purchasing our first home, rather, i should say she is buying our first home. as a result of bad decisions with credit cards about 5 years ago and my slow ability to repay back those credit cards, my credit score is garbage. she applied for a pre-approval through bank of america and was pre-approved for $350,000. we found a home we love, placed a bid, it was accepted, and now begins the loan approval process. they are requestiong copies of two moths worth of bank statements. in order to pay rent, bills, and other living expenses, i am constantly transferring money into my fiance's accounts to help pay bills as well as for items related to our upcoming wedding. also, in order to contribute to the downpayment, i sold a guitar of mine on craigslist for $4,700 and put that into our savings account. our concern is that bank of america is going to look at all of my deposits and begin to question why i'm putting money into her accounts, and where that money is coming from. i'd really hate to be the reason that this loan won't be approved, and i'd pretty much hate myself a whole lot if i am the reason we can't obtain this home.

Yeah, they are going to see non-income money coming in and suspect she is either cheating on her taxes, or laundering illegal money.

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I've been working on rebuilding my credit, and i am finally in a place where i think i can get a preapproval for a mortgage to buy the house i am renting. however, i have a string of recent bills - vet, dentist, car repair, and now parking tickets among other things - and i am afraid i will go into collection with something and set myself back for every thing i've done. if i take out a debt consolidation loan, will this ruin my chance of getting a pre-approval? even if i go through the same bank. i got an offer that i've been preselected, and its really tempting because i happen to be in a bad situation right now.

I don't think it would ruin it. But based on everything you said, I really doubt you should be taking in a mortgage. You aren't ready

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Keep in mind while we blame the banks who gave the loans to bad credit holders, our govt told them to "get low income and all first time home owners in their first homes". also, keep in mind, that the people applying for these loans knew their loans "may" go up and yes the mortgage lenders do explain this to you, as the home owners try to play "dumb" now. keep in mind, many people combined high credit card balances, car loans and got every extra on the new homes they could knowing it was low interest loans on their new home and now that the rates are up "ut oh" and now expect the govt to bail them out. in new home developments, the real estate personnel who do pre-approvals know who can't afford all the "extras" on the new homes, yet went ahead on their "low interest" loans, knowing they would reap the benefit of their commission, of course the end result is the home owner knows they eventually have to pay for these extras.

I don't think that the government should bail anyone out in this mess. The mortgage companies knew that they were taking a huge risk when they gave loan to people that were high credit risk. The people who took them knew exactly what they were getting into. They knew that their rates were going to increase and that was going to make their payments go up--any idiot would know that. This is a classic case of people trying to keep up with the Jone's. People choose to leave beyond their means and then expect the tax payers to bail them out. Most people who got these flexible rate mortgages could not even pay rent and were constantly being evicted from homes because of that, and yet they thought that they were responsible enough to own a house. I think that they deserve to lose their homes...sorry about your luck and start paying your bills. When my husband and I bought our house, we agreed that we would only do so with a fixed rate loan which we got and that we would buy a house that we could afford if one of us lost our jobs or there were other problems. We were approved for 175,000 loan and the house we ended up buying was a 110,000 which saved us quite a bit on our monthly payments.

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A) my mortgage company offered to do the obama modification program. b) they filled out an app and said i was pre-approved c) the guidelines state that until i get the final approval foreclosure proceedings stop. i qualify for all the guidelines - income, home value depreciating (for example the mortgage is higher than the value so it's almost like i'm doing them a favor to stay otherwise they wouldn't approve it) d) they never sent me paperwork about it even though i have recorded phone conversations telling me they would, telling me i was pre-approved, recorded conversations of them taking my app and everything. e) they never told me my new payment amount, just that i should wait for my info to be underwritten f) next thing i know i get a letter from an investor saying since my home is in foreclosure would i like to speak to him about it g) i call them up saying wtf, am i really in foreclosure, and the 3rd person i speak to finally admits that i am and 10 days later sends me the notice. supposedly i missed the first modification payment which they never informed me of and which is almost 1,000 higher than my current payment which doesn't make sense. h) they are ignoring all my attempts to work something out. they totally mislead me, lied to me and i filed a complaint with the treasury they're not giving me a copy of the lender's response but one of the lady's on the phone secretly told me that part of their response states that they have no documentations on their end to dispute my claims - ex. they didn't save the recorded calls they say are recorded. they have no paper showing me that i had any payment due - i had no idea about it until they put me in foreclosure and verbally told me on the phone i had missed an imaginary payment. my sale date was supposed to be 2 weeks ago, i postponed it for a few weeks more. i wouldn't mind going to the same exact terms before this hoopla started. now i owe tens of thousands to catch up in the course of 8 months. my 30 year fixed loan was fixed at the time i signed it and without me seeing any paperwork or agreeing to anything they have 'modified" it to $900 more/month. it is such a joke i am losing sleep getting very ill over all this. they are a very large bank so i don't know if it'll be a lost cause fighting them. i feel taken advantage of, my perfect credit now has a foreclosure on it, all my equity is going away, i had remodeled the whole place brand new condition last year. i am so upset i can't believe this is happening it's like a bad dream. i wish i never watched those commercials obama was on non-stop saying to apply for a modification to lower your payments. i believed in it, got suckered in and now they are taking my house away through shady dealings i have all on tape from my conversations. i can only afford $5,000 in legal fees at the most - do you think any lawyer would give any good result and put time in for that much? do you think i even have a case? i don't want to roll over and give up if i have a chance. i can't believe this is happening and i think the treasury department are bought off and in the pockets of this bank from my dealings with them over the past several months (i am convinced of this).

Hello there, I am somewhat confused. Did you stop making your regular monthly payments? If so, did you stop before or after you talked with the bank about a mortgage modification? Were you already delinquent on the monthly payments before you talked with the bank about a mortgage modification? I suggest you contact a local attorney, preferably one who has some experience with mortgage modifications. Have the answers to my questions available. I would suspect the lawyer will want that Information. If you have a regular family attorney, go see him/her. If the attorney does not feel competent to handle a mortgage modification case, he/she will refer you to another attorney working in that area of law. If you do not have a family attorney and do not know an attorney working in the area of mortgage modifications, contact your county bar association and ask them to refer you to an appropriate attorney. Most likely the bar association will give you a few names that you can chose between. Time is of the essence in this matter and you should contact an attorney as soon as possible. I cannot speak to what attorneys in your county will charge. However, most will provide some reasonable payment arrangements. Most will have minimal or no charge to listen to your problem and tell you if they feel you have a course of action. If you cannot find an attorney to deal with the mortgage modification matter quickly, contact a bankruptcy attorney. They may be able to put together a quick bankruptcy filing to put a hold on the mortgage foreclosure and then find a way to resolve the matter for you. Later,