scoring model for mortgage

scoring model for mortgage

firestar's avatarfirestarNew Member

Hi, we are finally ready to buy our first home but have some worries. I used USAA's mortgage calculator and it showed with our debt to income ratio we should be eligible for a mortgage much higher than we are even looking for.

Here's what concerns me: our credit score isn't so good due to two things. The first is due to a few late fees a few years ago because I was so sick I hospitalized when I got pregnant. The second is due to being close to the max credit amount on our credit cards. Although we paid off all our debt other than a low auto loan, I'm afraid it won't do much since it was recent and that we will get denied. Is there a credit score minimum and specific scoring model USAA uses to approve or deny mortgages? Are there any tips so we can apply and get into a home soon? Thank you!

Re: scoring model for mortgage

slash2's avatarslash2Occasional Visitor

It used to be that all you had to do was call and you would get sound advice from USAA. Today, they are a different operation, apparently and unfortunately. Find a bank that will communicate with you, honestly. I have not found that with USAA's mortgage processing policies. I am weeks into a mess created by these very folks with a mortgage application. Like I said, find a bank that will communicate with you, honestly. Best luck!

Re: scoring model for mortgage

jshoi's avatarjshoiNew Member

After buying 2 homes with multiple lenders my advice is this: Go sit down with a lender and ask them to go over your credit. They WANT your business and will advise you to improve where it needs to be done at.

Re: scoring model for mortgage

BrianaHartzellUSAA's avatarBrianaHartzellUSAACommunity Manager

firestar,

Congratualtions on starting the exciting journey of buying a home! Due to the nature of your question, a service specialist would be in the best position to address your concerns. As such, we ask that you please click here to provide us with additional detail and your member  information. You can also reach a service specialist at 1-800-531-8722.

 

Thank you!

Popular Topics