Hello there, Well, I finally got my email confirming my account with this board =) Nice place you people have here. Lots of good info. I have been working on getting my CR back in order. I started in Feb 2nd and so far I had great success with TU - 4 deletions out of 5 Equifax is doing good too - 4 out of 5 but Experian is becoming pain in the a** Oh well...no pain no gain I guess. I just send out my 2nd round of disputes via CRRR of course so I am awaiting the results. My scores were in Feb 2nd when I started: EQ:535 - TU:493 - EX:577 Scores today as of March 23rd after round 1 EQ:547 - TU:539 - EX:579 My question is. With scores like this, what are the chances of me qualifying for 100K mortgage with about uuhmm lets say 7k down? I still have some bad items on my reports. I am workign on getting them deleted and most of them are due to come off thoughout next year. I just thought I would speed up the process a little bit =) so...any advice on mortgage? I been working with realtor and told them about my situation. We have been looking at some properties and I think I found the one I like. The realtor has inhouse mortgage financing and they said they "probably" could work something out with me but I am just very sceptical and don't want them to pull my CR just because they want to see if they can really help me. I want to be sure they can before I let them pull my CRs Any suggestions? Thanx
The way some brokers "work it out" is by requiring 20%+ down and giving a high interest rate. I would wait a while longer until you experience more successes...
I would agree with the last poster. Clean up some more of the mess and it will help immensely. I believe once you get your score above 650 you should qualify for some primer financing. Though be prepared to be sure you have any collections paid or removed, even with the 650 or higher score. IF you don't mind bending over and taking extra points many things can be done, but I wouldn't advise it. Its bad enough to have to go sub prime for a car loan. Doing it for a house is pretty extreme, unless you can guarentee your situation will improve (i.e. your credit score will rise and negative items either get paid or go away totally, then refinance.) But be sure your situation will improve. Basically don't go out and buy a $60,000 car after you get a mortgage. Ideally before you get a mortgage, Do Not apply for credit for several months beforehand, keep low balances on any open credit you do have, and don't have any lates. These are, of course, ideally suggested things. A mortgage can be gotten with far less perfection but do you really want to pay high interest? the 100,000 mortgage becomes the Million dollar house 30 years later. Good luck!
Probably a snowball would have a greater chance in heck. Even if you did get the mortgage the interest rate would be outrageous. Anyhoos keep on sending those disputes and studying this board. No hard inquiries up until the time you apply for your mortgage either. If worse comes to worse, wait until those old tradelines fall off before you start pulling inquiries. When I started my credit repair journey last August my scores were about where your scores are at now. I couldn't get a loan for $2 if I had to. Now all three reports are up in the 600's and I'm should have EQ and TU clean in a couple weeks.
Don't give up yet. Depending on what your baddies are and how old they are you might not be in as bad of shape as the others said. You may qualify for an FHA loan which is not score driven and the rates are usually right around the going rate. I just got one with scores in the high 500's at 5.75% for a 30 year loan. Usually you need about 3% down which you have and you will need to pay at least some closing costs. My advice to you is to start talking to lenders and ask what they can offer and where you stand. You may need to get some more stuff deleted or collections and charge off s paid, but otherwise you could be ok as long as your derogotory items are over 12 months old. Good luck and keep us posted on your progress. Here's a link with more info http://www.fhalibrary.com/ Kim
well... all my bad marks are almost 7 years old.. and I mean all of them. They will come off thought the year 2004. The thing is that I really found the place that I really like. The realtor dude tells me that I would be probably very surprised about what they can do for me. They DO know my situation and they DO know how much money down I have. Man, I really want that place =( It's due for forclosure and those people have to sell it quick....I have like 30 days.... Ah well, maybe I should just give it a shot. I don't really care if I pay 9% interest. I can always re-finance it in a year or so since my credit will be much better. I dont' plan to buy a car in another 2 years or so. My car is paid off. I mean, don't you think the realtor wouldn't waste their time if they didn't think they could help me? I told them very first day abotu my situation, told them my scores (the old ones), told them how much I make and told them" I want to make sure you can do something for me since I dont' want to waste your and my time if we can't work something out" So we proceeded with looking at some places. Then I found this one. You know, how you look at the place and right away you know "this is it"? Well, I found it. I KNOW i can afford it. The monthly (rough numbers) payment would be not even 32% of my monthly income.
it sounds to me that you shouldn't have any problems with FHA, based on what I've been told in regards to FHA loans. re: "bad interest rates". This is very relative, as not too long ago "prime" rates were the same as todays "sub - prime". If your derogs drop off next year, you should be able to refinance anyways.
