i m approved for a mortgage loan at time credit score was 625 i just check it is now 580 will i still get loan?
Closing. On 8/31
- 1 decade agoFavorite Answer
Probably not, if the lender runs your credit one more time before closing the loan. It is possible that they won't, but that varies by lender.
Many mortgage loans require a 620 score or better. If you were approved at 625, it was probably based on your score being above 620. If you were approved for an FHA loan, it may not be an issue, but you may want to figure out why your score dropped, because that could also be a reason that you might not still qualify for your loan.
A lot of factors go into qualifying you for a mortgage, including your credit score, income, net cash flow, financial position, loan-to-value-ratio, and more.
Speak to your lender about any concerns that you may have. If you need additional assistance, the link below may help. Good luck!Source(s): http://www.ncramembers.org
- Dixie Darlin'Lv 71 decade ago
Depends, lenders will look at your middle FICO score in helping determine your approval (along with your credit as a whole). If the middle score dropped then you could have a problem. Most lenders do credit pulls right before closing.
Your rate could change significantly...if you are approved.
- Darryl bLv 41 decade ago
you can still get it because when they try to get you approved which you said you are .... they have sent your file to all the financial agencies that they feel would give you the loan. now that they have done that the fico score is dropped because it is listed as inquiries to your credit that is something that can bring the score down each time it is done.
- 1 decade ago
What happened,.?!?? Whatz' Up,..??
If you do not let the people that first checked your credit score know about your Boo-Boo,..You may get the credit providing they do not
require rechecking your credit,..
But,..do not ask for a credit check,..as, the report may give a no-no,..
You get my drift,..
Eliasis Yahwehei ( The Main Man )Source(s): Been there,..did the stuffs,..Therefore,..I know,..
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- saved_astronautLv 51 decade ago
i'd get a copy of my free credit report & check in2 things right away.
Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 0348-5281 Call 1-877-322-8228
- 1 decade ago
once your loan has been approved it will not effected by your new credit score, other then this, you may face problem to get new loan. your credit score also get low the amout of exposure you are availing.(more exposure less credit score).
- Jay SLv 61 decade ago
I agree with Dixie. They usually run credit again and make sure you haven't been opening other accounts or generally screwing up.... and it looks like you have to drop that far in score.
- David ZLv 71 decade ago
you are fine. they will not run credit again until it is 120 days old