i want to apply for a mortgage loan the first of the year. i went on that credit analyzer site and it gave me a score of 676, but i have a judgement that i am going to pay off ( know it wont make a diff ) so in fact that would lower my score alot. i also have 2 collections that are paid. how do you think the bank will look at the judgement. judgement is on there for 4 more years. i am in the process of disputing judgement, im sure it will come back verified.any input would be greatly appreciated.
The credit analyzer is not really that accurate. Personally I find the credit profiler at www.123creditreports.com very informative. roni
First off Zip like you stated judgement and collections are not factored in at that site. I had just gotten my true scores and when I input the same info at creditanalyzer it said my score was 656, true scores 550-560, so I don't think it is very reliable, my only bad mark was a 30 day late. Now to the mortgage question Anyway it depends what type of loan you are going for. Fha really only looks back at your last 2 year payment history, of course all collections must be paid. So I would say FHA wouldn't really be concerned about judgement. How old are your collections?? My friends recently got an FHA 3 years out of bankruptcy, their payments had been current since they filed and they had NO problem obtaining mortgage.
A lender will not approve a mortgage with unsatisfied judgments because the creditor will have a right to put a lien against your property. You will need to satisfy it before closing.
sorry, thought judgement was p I thought the judgement was PAID. OOPS yes judgement MUST be paid b/c if not they can put lein on the property.
dang mom, That is some really good news. I did not FHA was that forgiving. My student loans defaults were in 2/99. You guys are making my weekend with all this good news. Do you know your friends rate? roni. Momof3 wrote: ------------------------------- First off Zip like you stated judgement and collections are not factored in at that site. I had just gotten my true scores and when I input the same info at creditanalyzer it said my score was 656, true scores 550-560, so I don't think it is very reliable, my only bad mark was a 30 day late. Now to the mortgage question Anyway it depends what type of loan you are going for. Fha really only looks back at your last 2 year payment history, of course all collections must be paid. So I would say FHA wouldn't really be concerned about judgement. How old are your collections?? My friends recently got an FHA 3 years out of bankruptcy, their payments had been current since they filed and they had NO problem obtaining mortgage.
RE: sorry, thought judgement w didnt think credit analyzer was accurate due to the fact they dont ask about judgements and paid collections.it looks like i should pay off judgement even if for some strange reason it comes back unverified.one of the collections was paid off 3 years ago and the other just recently
their rate Their rate was 8.5% and their lender told them to refinance after a year. By the way their scores were his 615 and hers 602 and they still got the FHA loan at 8.5%. I believe at the time the prime rate was 7.6%, so they really didn't do bad at all.
RE: sorry, thought judgement w As long as everything is paid and you have a good current history FHA would be what I would suggest. We applied through Freddie Mac and my hubby's scores were fair but he had a collection my scores were not. But the lender said as long as we paid the collection off we could get a mortgage.
RE: their rate Yes 3 years, yes it makes me feel confident as well. Funny thing they had tried to get credit prior to mortgage most banks denied yet they got an 86K mortgage!!!
RE: their rate $86K wont buy me much in Pennsylvania. That is my next task. How to get a $150K mortgage on my income and debts. I have to start doing the calculations. That is only based on income and debt payments right? roni
search mortgage calculators yes do a search on" mortgage calculators", you enter your gross monthly income and your total debt obligations it will tell you how much you can afford. But from your income I am sure you could get that high. Our income is half that and with just his credit obligations and his income which is OUR income he prequalified for 96K. You shouldn't have a problem Roni. Go find the charts and let me know
RE: search mortgage calculator I prequalified for 85 this summer when I was making less money-$65K/yr. So maybe you are right. But I have car note now. I hate those calculators but I will do it. roni.
one more thing mom. I thought that those mortgage calculators just told you what your monthly payments would be and not how much you qualify for. Direct me the right ones. roni
Here's one Here's one real quick there are better ones I find and email you. http://nt.mortgage101.com/partner-scripts/1070.asp?p=
RE: mortgage Do lenders do a public record search? I have a lien/judgement that I recently found out about at my local county recorders office. But it is not listed on any of my credit reports at all...it is 3 years old.
