Financing in 80011>Question Details

Mgb55, Real Estate Pro in 80016

I have a 30 day late on my previous mortgage and my credit is in the mid 500's due to debt consolidation and debt to income ratio. What are my?

Asked by Mgb55, 80016 Fri Dec 30, 2011

options I will have my debt paid off in the couple of months. I currently own a house in another state valued at $228,000 and is currently rented out to tenants. I am renting an apartment currently and we are looking to buy a short sale or house in foreclosure. We are hoping for the best but prepared for the worst. Thanks

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Hi,

There are a few credit repair companies around that can help you restore your credit score (CS). When all your bills are paid your CS score should increase however be sure to leave a little balance each month on a Credit Card to maintain that credit status and showing consistent payments.

As far as the rental gos you must show this on your tax returns. If it has been less then 1 yr you will need to show that they have been paying you. Cancelled checks would be best or a deposit into your acct... Cash does not work, so if they are paying you in cash start to have them pay with a Cashiers Check or a money Order.

Thanks!
0 votes Thank Flag Link Thu Oct 17, 2013
Really need to focus on getting credit score up and making sure the rental income is showing on tax return
0 votes Thank Flag Link Tue Oct 1, 2013
You will need to wait now till your CS score is at a 620.
0 votes Thank Flag Link Mon Sep 23, 2013
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
Your late mortgage payment must be over a year to get a mortgage.
0 votes Thank Flag Link Sat Dec 31, 2011
I would sit down with a local lender and talk to them about things you can do to improve your credit score. Paying down your debt usually always helps along with making all your payments on time.
0 votes Thank Flag Link Fri Dec 30, 2011
Any program that I am familiar with that allows credit scores below 600 require a perfect paying history for at least the prior 12 months. If you have a 30 day late you will most likely be disqualified for that alone.

Your best bet is to have someone run your credit and advise you on what to do to bring your scores up. With a 30 day late, the passage of time will be an important component in that.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Dec 30, 2011
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