Howdy, I want to buy a condo or house. How long should I wait for my credit report to look good? I paid up all bills. Credit card paid up. I had two months ago $ 8,500 balance on single card. I paid up all stuent loans ($ 7,900). Student loans have been current for 3.5 years. Four years ago I was in graduate school and fell behind on student loans. I requested deferement. Deferement was granted, but credit report shows deliquency four years ago for $ 1,250.00, ninety days or more. No other loans show or were late. Loans have been current for 3.5 years. I did get into financial trouble 12 years ago. It was bad, but no brankruptcies. Everything resolved eight to nine years ago. Nothing shows on my credit report, but I sometimes wonder if we see what the creditors see. I have up to $ 110,000 to put down, but I want to keep $ 40,000 as a just in case. How long should I wait to apply for mortgages. Again, I paid up everything three weeks ago. Thanks you.
Creditors usually report to the bureaus on (or within 3 business days of) the day they generate monthly statements. Wait till you receive statements from all your creditors reporting the updated balances. Then you should be good to go. Just FYI -- if you ask for a mortgage amount more than $150K, your entire history may be reported to the potential lenders. FCRA itself provides this loophole. If it's possible (since you said you can make a downpayment as large as $110,000) to keep the mortgage amount less than this figure, do it...
what are your scores... i have found many of the major lenders are much more score driven now a days.. as long as you have no mortgage lates, nod (foreclosure) or bankruptcy.. if you have an outstanding collections charge offs they usually will ask or make you pay them... If you feel comfortable enought to purchase some property with you financial situation then I suggest that you start looking into.. research your credit scores (myfico.com) anything over 620 is usually considered a paper though you many not qualify for the lowest rates.. if you score is less dont fret there are alot of good sub prime programs now... Start calling mortgage brokers or banks tell them your situation they should be able to give you an accurate idea of where you stand based on their lending critieria... kev
Most lenders usually pull reports from all three bureaus, but make their lending decisions based on the middle FICO score. To know where you stand, pull your scores and reports from myfico.com ... use discount code PVN814 to save 3 bucks on each report.
