Home Buying in 85326>Question Details

Coinneach Fi…, Home Buyer in Buckeye, AZ

VA, iffy credit, only need about $50K...

Asked by Coinneach Fitzpatrick, Buckeye, AZ Sun Jun 5, 2011

Property values where I live, 85326, are pretty much as low as they can get. Homes that were selling for $250K in 2006 are now listing at $75K (or less), and they're way more house than I need. The note on a $50K loan for 15 years would be about half of what I pay now for rent on a 2/2 apartment. My current D/I, not including rent, is 8%. I'm looking to go VA, but my credit is being killed by zombies. I smack them down as they appear but they still drop my FICO because it's recent negative activity, never mind that it's fraudulent.

So, are there any lenders that might do a small-ish mortgage under these circumstances?

Help the community by answering this question:

Answers

3
Shane, I'm referring to zombie debts - bills that have been long paid off, but unscrupulous collectors reopen them in the hope that the debtor won't remember (or be able to prove) having paid off, so they pay the bill again. Things like closed credit card accounts and similar. When one comes up on my report (I'm on a credit monitoring service), it shows as several years delinquent. The bureaus immediately delete them when I file a challenge, but FICO doesn't take that into account. The usual effect is a 100-point drop followed by a 50-point recovery - the bogus account is gone, but the fact that there was activity remains.

Isam, Wells is #2 on my OH HELL NO list right after BofA. I've known off too many people to be screwed by them.

David, I'll give you a call this afternoon.

Thanks for the replies, everyone.
0 votes Thank Flag Link Mon Jun 6, 2011
It really depends on what your scores are as well as what these recent negative items are - "recent negatives" aren't an underwriters favorite words. It sounds like from your description that these were items that were taken care of/expunged from your credit that have re-appeared?
0 votes Thank Flag Link Mon Jun 6, 2011
The only bank I know that does loans under 50k is Wells Fargo, you might check with them.
0 votes Thank Flag Link Sun Jun 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer