Hi ladies and gents. I know I haven't posted in a while. I've been busy lately. I have an issue and knew to come to yall with it. My mom is trying to buy a co-op in nyc. Of course the credit check will be done. Well, my mom has good credit right now. Her credit was bad in the past when she lost her job. Anyhow, she has a current Equifax report from Jan and it has only 2 R5 both with zero balance. The rest are R1 and/or I1. She does have some balances but nothing over $1k. Her biggest account is like $4k but that account is in good standing. No lates, collections. She does have a paid tax lien though. My question is will she qualify for the co-op? Her scores are 650, 699 and 702.....I think. I hoping she'll get it cuz she really needs to move. Thanks.
It depends... She should talk to a few mtg. brokers or lenders. They would be able to tell her what they are looking for and what the investors are willing to in her case. I am shooting for at least 650 middle score. It is the least you can be considered for the bank I want to get a mtg from. Mtg. lenders usually take your middle score. It just depends on what the lender considers prime. Also, if she goes FHA the score isn't that important. She should try to get those R5 changed to R1. If she has the time to write letters. She could always try to dispute to bring up her scores.
They are pretty decent scores. Might have a percent or so higher with the "BADDIES" or a HIGHER DOWN PAYMENT.
I thank you both for your responses. I didn't mean old timer as in age. Just meant all of my friends who have posted since I've come onboard.... Nave, George, nanaC, momof3, lbrown,Roni, miles, dogman, MP$40, lizardking (talk about ol timer) and there is one more...but I can't think of her name right now. I consider all of yall old timers. I know I've already said this...but again I thank each and every one of you for helping and teaching me how to restore my credit. I wish I had a bunch of money or hit the lottery. I'd give yall each some $$$. Thanks again, and good night.
