Hello Family....... I have a couple of quick questions....What is a good score range {ie. 600} to be in before applying for a mortgage loan? Are there certain things on your credit that would stop you from getting pre-approved other than maybe being late? I tried to apply for a Mortgage Loan; the rep basically told me that I had to many late payments and to re-establish my credit in good standing for a year and call them back. WTF. I know I still have like 3 accounts I am working to delete, but would this stop a pre-approval. Does any one know of a good mortgage Lender I can contact? Thanks a bunch guys. ********************************* dimples1 trying my best to get my credit fixed!
You will probably have better luck with a mortgage broker rather than going direct to a lender. A broker will have access to hundreds of lenders with many programs to fit your situation. There are a few lenders out there who will work with less than perfect credit, like New Century. Almost anyone can get a mortgage now, it's just a matter of how much interest you're going to pay. A couple of late pays certainly shouldn't kill you.
Does anyone know what a good range of scores is to get a mortgage though? Illini EX - 605 EQ - 630 TU - 683
Shoot for @ least 680. It's close enough to 700 to get you a decent rate. See http://www.bankrate.com/brm/news/cc/20010223a.asp
THANKS THIS IS A VERY GOOD SITE, AND IT HAS ALL THE INFORMATION I NEED TO GET MY NEW HOME. ONCE AGAIN THANKS
How far out do late pays need to be in order to get a loan, or is it merely based on credit score? Illini EX - 605 EQ - 630 TU - 683
I spoke to a mortgage lender/broker the other daywho said nowadays a score btween 620 and 720 isa considered decent. He also said if there are any unpaid collection/charge offs over $300 they will most likely need to be paid, depending on many other things. He also said someone with not so perfect credit history but has been at their same job for 5+ years will help. There are many factors other than scores, and most HOME lenders actually LOOK at the report.
Your correct, 3 years ago I refinanced and received a 7.75% apr fixed rate for 30 years. At that time the best rates were around 7.5%. My best score pulled was a 600 and I had to pay 3 collections off before approval. The collections ranged from $100-$350. I was approved thru Countrywide. During the process they stated job stability and income were my most important assests. I had 13 years with the same company and a good income to debt ratio (less than 28%) In addition to the paid collections I was 30 days late 3 or 4 times on auto loans within 2 years of the refinance. If your at least 600 points with a good income and a long time with the same company you'll pay a bit higher rates but not much over prime.
My middle score was 634, and I got 7.00% with 0.75% origination points through Century 21 Mortgage. They said that 680 was required for A+ loans.
