Home Buying in Toms River>Question Details

Gc, Home Buyer in Toms River, NJ

my credit is good but still reflect 2 delinquencies on it from old debt. do you think that I have a chance to be approved?

Asked by Gc, Toms River, NJ Tue Apr 3, 2012

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Hi Gc-

I am a Senior Loan Officer with a Local Bank in your area. Not everyone may tell you that you can be approved, but based on what you said above, you do have more than a chance to be approved. I have helped people with credit issues buy homes for many years now. In addition I am a Preferred Lender with different counties for Affordable Housing and we have great First Time Buyer programs. The best thing to do is to get PreApproved and I can review all of your info, but simply having 2 past delinquencies does not automatically eliminate you from buying a home. Please call me at 732-614-6637. If you can't get approved today I can tell you what to do to get approved.

Thank you. Please call me as I am a direct Lender and we actually Approve people with our money and I speak directly with the Underwriters who would approve you.

Great question- thanks for asking,

Chris
2 votes Thank Flag Link Tue Apr 3, 2012
At present, lending guidelines change on an almost-daily basis. In the past, you may have gotten by with writing letters of explanation. Now, it's not always so easy. Additionally, it can also depend on the type of payments you are late with.

Best way to really know is to contact a lender and have them scrutinize your payment history in ADVANCE of finding a property you are interested in. This way, you will know exactly where you stand in terms of whether you are considered a credit risk. Additionally, if your credit could use some repairing, a good mortgage rep can guide you as to how to accomplish this so that you can get it taken care of and move forward. Meeting with a mortgage rep will really help to take the "guess work" out of it for you. Good luck! And kudos to you for being diligent and concerned about your credit history. It is one of the most precious things you can protect today it is utilized for so many things, including being able to get better rates on loans, car insurance, etc.

Donna
1 vote Thank Flag Link Tue Apr 3, 2012
Hi GC,

Look down to Chris Raike's answer. I always send my "credit challenged" clients to Chris and he always does a great job of helping them improve their credit score and getting a solid mortgage. He is the best at what he does. Good luck to you !
1 vote Thank Flag Link Tue Apr 3, 2012
How old are the debts and what kind of debts are they? If the debts are over seven years, you can have them remove. However, if it is medical bill or a utility bill they have to be paid.
Always try to remove any derogatory accounts from your credit report before applying for a mortgage to save you money over the life of the mortgage. Higher credit scores yield lower mortgage rate.

If you have any further questions, please do not hesitate to contact me at 848-448-8707.

Trusted Real Estate Advisor.
0 votes Thank Flag Link Tue Apr 3, 2012
Hi Gc, I would think so I work with several really good mortgage companies. Call me anytime I would be happy to have them contact you at your convenience. Visit my website YourTomsRiver.com and click on preferred lenders I have a list for you to choose from. Good Luck!
0 votes Thank Flag Link Tue Apr 3, 2012
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