I was wndering what the going APRs were for Fico scores of: 620 650 670 Also I have read differing opinions of how Med Collections effect how lenders see you. I just had 4 med collection show up in Dec without any notice. I should have these taken care of in 30 days. What do the Mortgage experts think of Med Collections? When is the best time to start talking to a lender. I started my credit journey back in Aug 02, and I have had many derogs removed. Before these last 4 med ca's showed up my EQ and TU Ficos were in 600 range with high CC balances. When I pay down my CCs the simulators said I would ne in the 640 range. I have a good friend that is a VP at Countrywide, that I may use as a last resort if I can't do this on my own. Should I seek a lender now or what till my Credit is improved a little bit more? Do adjustable rate loans use the same credit criteria as fixed rate?? How long to you have to be in a adjustable rate loan before you can refi?? Thanks ahead of time to any advice you may give!
I know alot is based on how much you can put down. My middle score when pulled by the lender was 593, and I locked in today at 5.7% I have conditions that my collecetions need to be paid, but I am also putting 20% down. They would not have considered me with out the 20% down.
pibb, Thanks for the input. I did not realize you could get such a good APR with scores in the 590's. How long did you look for lenders? Did you use some one on the net or off the street??? Did they help you with your credit?? Do you mind me asking how much you qualified for and your income and how much you put down?? Don't mean to be to nosey, just trying to get a feel for what is out there. Sorry for all the questions. Thanks!
I just applied for a mortgage with Countrywide's subprime lender with the scores of 590, 601 and 609. I was offered a rate of 8% with 5% down.
here is a chart of what diff the fico's can make .. I know it changes from bank to bank but when you look a % diff the work getting your score up sure pays off http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=2&postid=294084#post294084
Yes I have some late pays on all. 2 collections on TU one is paid, 2 collections on experian, and 1 on EQ which is paid.
I went through the builders mortgage company. The income that they used to qual is 29,900 and I am approved for 140,000 with 20% down. ( home vale 175,000) I make more than that but that is all I used as qualifying.
pibb26: so the builder's mortgage company worked with you? Did you have any derogs.? we have good income, have good debt ratios, but have bad credit history. I'm hoping to qualify for something as my goal is to buy a house by this summer! peace, delilah
pibb26: so the builder's mortgage company worked with you? Did you have any derogs.? we have good income, have good debt ratios, but have bad credit history. I'm hoping to qualify for something as my goal is to buy a house by this summer! peace, delilah
Yes I had several derogs and collections...many of which I have cleared up from the help of this board. I will still have to pay a few before closing. My spouse makes significantly more income than I do, but had a tax lien so the banks would not even consider their income. I was suprised to get approved based on what I reported for income and my credit.
pibb, would you suggest talking to a lender even with a few derogs on you report? Did they advise you or help with the problems on your reports?
I don't understand this at all (mortgage stuff that is). Hubby makes $36K a year, has $577 in car loans $299 in child support (all per month) and NO CC debt, ONE partially paid CA that is 18 months old and he gets approved for $70K with 3% down and 8.375 for the rate. His REAL scores are 605 (one w/CA reporting), 634 and 649. Am I missing something here?
It has been my experience that they will approve with derogs, however, if money is owed on these debts they must be satisfied by closing. The lender has offered me no help other than these will be paid by closing. What I received is basically a conditional approval, when all the conditions are met..I get the mortgage.
Do you think this applies to unpaid chargeoffs as well or just collections? If so, what lenders are willing to do this? TIA -LB
Again, this is only from my experience...all unpaid debts have to be paid prior to closing...collections and charge-offs. I am going through my builders mortgage comapny so I can only speak for them. If you look at my earlier post...the only reason I was approved was because of a large down payment.
