Home Buying in Chicago>Question Details

mrsmilliepeo…, Home Buyer in Calumet City, IL

I have a charge off on my credit that co sign for someone for I have paid all my other debt except two which totals 215. Can I get a home loan?

Asked by mrsmilliepeoples, Calumet City, IL Sat Oct 26, 2013

Help the community by answering this question:


Yes, talk to several mortgage people. Contest the charge off and see if you can get your deadbeat "friend" to pay it off. If creditors do not verify items with 30 days of them being contested. They fall off.
2 votes Thank Flag Link Sat Oct 26, 2013
Whoops, sorry accidentally sent prior to response...

Your first step is to contact a lender to determine your debt to income and your credit score. If there are any credit issues he/she will be able to identify for you. Better yet, he/she can then give you an action plan on how to remedy your credit in order to move forward.

Good luck!
1 vote Thank Flag Link Sat Oct 26, 2013
Requesting a paper copy of your credit report was a fabulous idea! Don't forget to shop around and get at least 3 different opinions before deciding which lender to go with. Best of luck in your search and don't hesitate to give me a call if you're not already working with an agent. I love to help. :)
0 votes Thank Flag Link Mon Nov 4, 2013
I believe we can make that happen, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Tue Oct 29, 2013
I am a lender and you definitely need to start off by trying to get pre-approved
Let us pull your credit from all 3 bureaus and look at your middle credit score
If we can fully document what happened to you, you may be able to do something.
You do need to know that when you co-sign for someone you are signing and taking full responsibilty for that debt whether the borrower pays or not,
It is still your responsibility for that payment. We can try to document fully and show that you have paid all your other debts on time and have you write a lengthy letter of explanation.
If the debt has not gone to judgement and there does not appear to be risk of judgement going to title on the new home, you may be alright.
The first step wiould be to start off talking to a loan officer and have them pull your credit to discuss.
Feel free to contact me if you like,
Rebecca Corlew of PNC Mortgage Finanacial Services
One North Franklin, Suuite 2000, Chicago, iL 60606
Office: 312-338-5258
Best Regards,
0 votes Thank Flag Link Tue Oct 29, 2013
I have had my credit pulled to many times this year by leanders telling me let me pull your credit we can help only to be turned down. I am currently in the process of wating on my credit reports to come in the mail now. if that will help.
Flag Tue Oct 29, 2013
Talk with a good loan officer and try to connectwith you friend too
0 votes Thank Flag Link Sun Oct 27, 2013
Hello Mrs. Millie Peoples
0 votes Thank Flag Link Sat Oct 26, 2013
Thanks for your question.

I am sure you can get a loan if your income and liabilities qualifies you.

You should talk to the many fine agents responding to your question
Or your local bank, with whom you bank.

A FHA loan will lie,y be quite suitable to you.

Good luck
0 votes Thank Flag Link Sat Oct 26, 2013
mrs millie peoples

Completing the loan application providing important documentation, such as pay stubs, W2s, bank statements, it help loan officer to determine to your qaulification .

contact your local broker or lender for more qaulification detail .

Omar Khamisa
Mortgage Loan Manager
NMLS#: 369325
Cell: 510-648-5535
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Sat Oct 26, 2013
Hi Mrs. Peoples,

As you can see many want to help you, which is why Trulia is so great.

Whether you can get a home loan will be determined by the rest of your credit report. So any good lender will want to see that before saying yes or no.

In the meantime you should know that FHA loans will allow you to buy a home with a open charge off. Now certain other things have to be known about you and your credit report, the fact is FHA does not prohibit making you a loan on that basis alone.

We would be glad to speak with you further or you can apply online at http://www.CrossCountryIL.com

Rich Kimball
Branch Manager
Cell: 630-291-6012
0 votes Thank Flag Link Sat Oct 26, 2013
Dear home buyer,

Jacqueline gave you some sound advice. Also good mortgage lenders are able to help you with the proper letter to see if it can be removed from your credit report. Also remember you must write all three credit bureaus.
0 votes Thank Flag Link Sat Oct 26, 2013
The charge off alone will not disqualify you for financing - however there are several other variables to consider. Talk to a lender to determine your elligibility. This is a free service and there is no obligation- I would be happy to help if you are interested.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Sat Oct 26, 2013
Hello Mrs. Peoples,

I have helped many clients with credit challenges purchase a home over my 17 years in the industry. However I cannot properly answer this question without speaking with you and gathering a little more information. So much depends on when the charge off occurred and what the amount of the charge off is. The other 2 debts amounting to $215 are more than likely a non issue if we are seeking an FHA loan.

I would love to chat with you and start you on the path to home ownership.

Kelvin Waits
Vice President of Mortgage Lending
Guaranteed Rate
630 925-7854
0 votes Thank Flag Link Sat Oct 26, 2013
Talk to a mortgage lender in your area. They will be able to guide you along the process and let you know how much you qualify for so you can start looking at houses right away.
0 votes Thank Flag Link Sat Oct 26, 2013
More information is needed to give you a reliable answer. I'm happy to help. Contact me at your convenience.

Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Sat Oct 26, 2013
I would be happy to provide you with a free credit analysis and determine your eligibility to purchase a new home. Please call me at 630.657.0054 and we can get the process started.


Brian Nevins

Mortgage Banker

Peoples Home Equity

0 votes Thank Flag Link Sat Oct 26, 2013
The only way to find out is to call up a lender and find out.
0 votes Thank Flag Link Sat Oct 26, 2013

Why not give it a try. Speak with three lenders, I know of one that is in the Calumet area and is very lenient with their credit requirements. They will even guide you on fixing your credit. Please email me for their information. Now go get yourself a home! good luck.
0 votes Thank Flag Link Sat Oct 26, 2013
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