Hello, I need to buy a house and I would like to ask here before trying to get a mortgage. My reports are: Equifax (1 chargeoff from 1996 - paid): 708 Experian (1 paid and 1 unpaid chargeoff both showing 0 balance from 1996): 636 Transunion (1 chargeoff from 1996 - paid): 739 E-loan: 691 Since 1996 I have had great credit (no lates). My salary is $4,000/mo plus $1,000/mo bonus, plus $5,000/mo from a small business I have. I started working in 01/02, so I had no income before and no tax returns (going to college). Anybody knows if I would qualify? I have no debt, I just need about $140k and have $10k in hand. Thank you! Mark
Mark, I don't think you will have a problem. Your scores are good, a decent downpayment, and you have no outstanding debt. The only concern I see is the length of time for employment. My guess is you're in your mid 20s, since you mentioned you attended college recently. If you're making $5K a month (not including the small biz) there should be no problem getting a prime mortgage for your home. Just an FYI: I wouldn't include the small business unless necessary. Your current salary should qualify you for your mortgage. My experience is with a small business they want to see financial statements, etc. If you go with a no doc (if you include the small biz) then the interest rate is a little higher - 1/4-1/2% (although my experience is usually 1% higher than prime). Good luck and keep us posted. Dani
Mark How old were you when you got the chargeoffs? Their age(1996) would tend to make them virtually nonfactors in getting a mortgage. I am confused a little. When I look at what you wrote, it just doesn't quite addup. How long have you had the business and what were you doing for income while you were in college? These are things that you will expect to have to answer before you will be able to get a mortgage. Good luck and I hope this helps. fla-tan
Thank you very much for your replies. While I was in college my family supported me. By the way I am 29 years old. I was working up to 1996 when I decided to go back to college, because of an unfortunate incident in my life, so from 1996 to 2001 I had no income. I had many charge offs in the 1995-1996 period but most of them are gone except the ones I mentioned. I started the small business Jan. of 2002, but I don't want to include it in the loan, since it is so new. By the way, I am married and my wife had income last year (we filled jointly). I don't want to include her in the mortgage though since she has student and car loans and stopped working when I started so the payments will increase my debt to income ratios. Thank you! Mark
By the way, the one unpaid charge-off that I have on Experian which reports with 0 balance, do I have to pay before I qualify? In other words, do all charge-offs even if they don't have a balance reported anymore have to be paid before getting approved for a mortgage? Thank you! Mark
