What sort of investigation is done my mortgage companies when you apply for a mortgage (for your first house)? My credit reports now look clean, on-time payments, no derogatories, zero balances, high 700s (after a couple of years of work cleaning up a ton of garbage and building new credit). I had some old chargeoffs that technically *exist*, but they're way outside the SOL and the 7 year limit, so everything appears clean. Every now and then, they'll flip 'em to a new CA and I'll have to C&D them, and that's that, no big deal. Has anybody had experience with a mortgage approval process that turned up a negative (that was NOT on the 3 CRs) that they thought was gone? Or does it not work this way, and the mortgage companies just look at your scores, gather some documentation and signatures, and that's it?
going through mortgage process now the mortgage loan companies look at everything...from what i know, if a charge off is showing, you will need to show some proof that the debt is taken care of. there was a question on some of my charge offs but it was included in my bankruptcy discharge and i can show proof of that. i am not sure if you need to do some explaining on a no income verification loan. currently, i am in the process of buying a new home, so far everything seems to be going ok...still scared though because escrow doesn't close until later this month...they may still find something...in my case, i am going with full documentation loan and my middle score is 600 and i have a pretty good income and i am trying to go 100% 0 down, but in my case i will have to go look at sub prime loans, but since you are scoring in the 700s you shouldn't have a problem
