I am trying to find out which mortgage company would most likely qualify a borrower who has between a 620 and 700 FICO for a mortgage loan assuming every other underwriting qualification is in order (Maybe slightly less than a full 20 percent down)? What Mortagage lenders are the best and who is the most willing to work with someone with past credit problems (Two years in the past) and give them a really good rate? Thanks Diane
last year I got a mortgage with Bank of America w/ similar scores and also a couple past problems....their loan program was called Neighborhood Advantage (I think) it was for first time buyers, and you have to make UNDER 80% of the average median income for your area. They had both 100% (w/PMI) and 97% (no PMI), no points, and a rate that was equivalent to other lender rates w/ 1 or more points. They were great to work with. Best of all, they have not sold the loan to another servicer. I found out about this through my buyer's agent - you might try talking to one in your area and asking about special programs that they know of. Also, check with your county/city and state department of housing - they often have special programs as well.
Diane143 There are several lenders that might fit the criteria that you have. Your best bet would be to talk with a good mortgage broker in your area and see what programs they have available. With the scores that you mention, you should have little problem qualifying for a good rate. If you wish to discuss what the credit problems are that you had and don't want to put them here, then email me with contact info and I will discuss it off board with you. Good luck in your mortgage hunt. fla-tan
Thanks, My husbands actually made a little over 80 thousand this year so I was afraid that the most liberal requirments would be for low income folks. Diane
Diane - (notwithstanding fla-tan's good advice) Depending on where you live $80,000 for a couple may still be under 80% of the average median income - I'm pretty certain that this would be in the washington, dc area.
Flan-tan you can e-mail me anytime JRDRJR@msn.com and I will tell you everything that is going on. You were recommened to me from another board member so I am delighted I did not even have to track you down . Actually my post defined the situation we will be in in two years. Right now my credit is OK but I do have an income so it will be my husbands we need to work on. His score presently Experian 619 transunion ? Equifax FICO 606. eloan upper 500's ? Now for the bad...... He has one department store credit card charged off since November that we need to repay ASAP Two very small collections that we are disputing (One is not his-I believe)from 2001 3, 30 day late payements from 2001 on auto loan American Express reports no late payments , zero balance but "Closed by credit granter" The Good is that except for the charge off everything has been paid on time for a year or more. One department store card with zero balance paid on time not used in five years. Should we reactivate so it stays on our report for more than two years? He just got on as an AU on my Platinum card. (This does not reflect in his score yet.)This is a new account for me. I also put him on as an AU of one of my low balance store cards.(Not reflected yet)A one year account for me however. Should we get a low balance secured card ? We also have zero downpayment presently but plan to save at least 20 grand maybe more in 2 years for a home that costs between 180 and 200 grand. Any advice ?email me at any time thanks Diane
LOL I just had to tell you Flan-tan that when I saw the end of your first post and you said you were a member of the 200 club I gasped and said is that his credit score?
You said first that the scores were between 620 and 700 then low 600s and high 500s. Keep working on your reports and you should get the rate that you wanted. If your scores stay the same your only chance of getting a loan is at a very high interest rate. Two years should be plenty of time. It will take effort though. BTW- paying a charge off does no good for scores, they will have to be paid to get some mortgages though. You need to aim to negotiate payment for deletion.
RFLMAO............ I don't think that is even possible............Hmmmm I think I have found a worthy challenge. LOL fla-tan
