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Discussion in 'Credit Talk' started by bfllover, Oct 31, 2001.
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You can definitely dispute while you are applying for a mortgage. It definitely will hold up your loan process, make no doubt, and yes, your credit score is the first thing a lender is going to look at. If it is really below what they like (640 is what I've heard is the cut-off by many lenders), you might well go back and fix your credit report before disputing.
Typically, your mortgage lender is using a specially prepared and formatted credit report called an RCMR (Residential Mortgage Credit Report) when you apply. The supplier of this merged credit report will take the time to correct the report if you can provide documentation to them of incorrect information. They will usually talk directly to the Main CRAs about this information and can change your credit report in the bureaus on the spot.
These smaller providers are bound to the same regulations as the "Big 3", but really are in business only to provide RCMRs. Again, you can dispute items, but if your credit is really in the toliet, you need to take care of this first before applying for a mortgage (or be willing to pay high interest rates and put alot of money down.)
I have 25 positive tradelines current w/ no lates--I will be putting half down on a 350,000 house--have 20,000 in credit card limits with 6,000 owed--I have 2 4 yr old 30 day lates and one $100 unpaid medical collection that I have been unable to get deleted in exchange for payment--shoould I just pay this medical collection--I will be applying for a mortgage in the next couple of days---thanks
have not checked the others but right now I show713 for score on experian not sure re husbands,but his is the one that shows the med collection
I don't think anyone who can put down 50% on a house would have trouble getting a mortgage any way, IMHO.
I hope I can do that one day
I agree, LOL. You are totally fine. Most lenders don't really care about medical collections that much, though they will most likely ask for a letter of explanation for all of your lates. (It's a quick one pager.) I agree, I wish I could put that much down on a house.
They will make you pay off the collection, but you can do that at close of escrow.
$175,000 DOWN on $350,00 IS A NO BRAINER!!!
JUST A SUGGESTION...maybe "BANK" most of the down payment.
25% DOWN...10 year loan?
My husband was just told this week that at 20% down your credit irrelevant because of the equtiy. Is this true? Even if it is not, it might be true for 50% down...
I hope I can do that someday also!!
No, your credit is still not irrelevant, it determines the interest rate on a loan. If you credit sucks you may get a loan with 50% down, but at 15%!
I WOULD THINK IT WOULD BE <10.00% EVEN WITH BAD, REALLY BAD CREDIT WITH 50% DOWN...
There are people in this world that would kill to be in the situation that you are in.. Do not worry about a couple of 30 day late, and an unpaid Collection Medical bill.. Just make sure that you take the best offer on your Mortgage in regards to interest rates, ect... Best of Luck.. Let us know how you made out..
Trust me, if you have terrible credit, 50% down isn't going to buy you low interest rate loan, just a loan. I was in the business too long. For instance, if you are just out of a BK, you are still going to get a minimum of 11.99% *adjustable* rate from Ford, even if you put 50% down. If also can't prove income, you are going to need a private loan from someone who is a very small step above a loan shark. In those cases, you would be offered (if you are lucky and the investor likes the property) 15% adjustable interest only for a year, maybe two. After that, the note is due and you need to find other financing. It's what's known as a hard money loan in the business.
But for the situation stated above by bfllover , as long as credit and income are ok, he should be fine to get a "normal" interest rate.
Hi Guys! I noticed this post and thought I could help. I'm a loan officer with LoanAmerica. http://www.loanamericainc.com/ No need to worry about medical or even 30day lates. We don't even consider medical. If all that was said is true I could get you a pretty good interest rate. Give me a call 713-779-0361 Ask fo Sidney.
I have approx 540 on CreditExpert; one recent collection (medical dispute), and will have 2 lines of 12 month old credit come Jan 02
I also am eligible for a VA loan (8 yrs USAF)...
What are my chances/odds on getting a mortgage?
I'm looking at a place, possibly $99k-100... annual income of $36k...
I was told by a lender that they did not care about medical bills or anything two or more years old.
But, these things lower your score, so even if you can get a mortgage with them on your report, they still affect the interest rate.
We are hoping to buy a house soon, so I am trying to figure out lots of things about mortgages!!
We don't consider things two years or older also. Sometimes newer items we don't consider a factor. Especially if it's paid off.
VA can be liberal, but your score is kind of low. Do you have other positive trades on your credit report? I'm not sure what you meant by the 2 lines of 12 month old credit meant - did you mean coming off your credit report or on? I would just call a local lender who does VA's (not all do) and ask if your credit score would preclude you from getting a VA loan.
Terri, I don't want to be nosy, but are you any where near 640 credit score? If you are above it, then you should be able to get "A" rates. Even if you are a little below, a good loan officer should be able to make your case to an underwriter to get you "A" interest rates.
But they do lower your credit score, so actually the way it works it that the items do affect your ability to get a mortgage (by lowering your score) but you do not have to have them taken care of in order to get a mortgage? Correct?
Thanks for the fast response!
I meant I have two lines of credit (a credit card and an auto loan) that will be paid on time for 12 months come Jan 02, which I think means two good lines of credit...
I'm not in a major rush, but I'd love to get a home within the next 6-9 months...
Deb @ Mich St