Mikaela, a lot depend on how your contract was written. And we can't see your contract. I hope you had a buyer's agent, because you will want to ask whoever is handling the transaction these questions.... more
With respect to the tax credit--Consult with your tax professional for qualifying codes. See links for additional information.
Mcasillas, I'm a licensed lender in Washington and if you were local I would love to sit down with you and explore your situation. There is nothing in what you have indicated which would rule you out, but not enough for me to promise anything.
I suggest you meet with a local lender to discuss this with.... more
The blog below was written by a lender who knows his stuff. Al Akerman wrote it trying to help people with lower credit scores to show ways to increase their scores so they can buy a house.
With your daughter, you may still be eligible for an FHA loan. I would need more details.
As for your score, it depends on a number of things, such as what else is on the CR (derogatory items). If you have closed the accounts, not just paid the balances off, you will probably need to establish new credit and use it to improve your score if there are not other issues that can be addressed. Your scores will rise over time. I can help with specific recommendations and other strategies by analyzing your credit report for ways to improve your score. More specific information is needed. (Call or email.)... more
The qualification process is the same in that qualification is for the loan, not the house. Both foreclosures and new homes will likely require a loan pre-approval. Now, the question should really be "Is it harder to buy a foreclosure or new home?"...the answer, depending on your area, might be yes. With foreclosures in hot markets, you will be competing with multiple offers, some of which are all cash with no loan contingencies. In this case, you will likely lose your bid to purchase.... more
Anything is possible.....but there is no way of telling until it is determined whether these issues are for real. Once they are identified, eventhough this is an "AS IS" sale we recommend trying to negotiate the bank to make the necessary repairs to render the home marketable.
The Eckler Team... more
Hi Patti, this site provides a good overall explanation:
As far as timing, a "Rapid Rescore" allows you to update all three credit agencies within about 72 hours, but this will cost you upwards of $150+ per tradeline (credit account). As you can see, depending on how many accounts you are updating, this can quickley get costly. After the 72 hours you can then immediately pull your credit again.
Other than the "Rapid Rescore" option, most accounts are updated the beginning of each month, and a 3-6 mo window is needed to see the natural effect of any changes when the rapid rescore method is not used. Your actual scores are generated by looking back 2 years; however, dependent on individual underwriting guidelines, items that fall into the derogatory section (bankruptcy, foreclosure, etc..) of your credit report can influence an approval decision up to 10 years too.
The algorithms for FICO scoring are not static and move to rules that change as your credit profile changes. Fair Issac, the creators of the "predictive analytics" credit scoring model do not want anyone to know how it "ticks" so it is not possible to "engineer" one's score.
This document will provide a good overview of what makes up your score - please review the "Do's and Don'ts" section of this document: http://docs.Steven-Anthony.com/SAR-YourCredit.pdf
Aside from this, you optimally want to keep your balances at... more
Most realtors do not post a pending sign because they want to continue to receive calls from the sign. it is a great way to pick up buyers.
Keller Williams Realty
Each Office Independently Owned & Operated
San Antonio, TX
creditkarma.com is free (as is free -- no need to provide a credit card or anything).
They use only Transunion's report, and their score is not a true FICO, more likely their best guess of FICO's formula, but it seems to be pretty accurate. I like the service.... more
You may be able to get the repositories to take a second look at your files. If the payoffs are not reflected it may be a matter of having your file reviewed and updated.
If the payoffs were of delinquent accounts there may be some evil reporting game that your creditors are playing with your history. I am not exactly sure what the rules are with regards to the reporting of debt that has been satisfied.
Do yourself a FREE favor and dispute the items if they are still showing as owed and open. Maybe the closest thing that you can get to a Rapid Rescore. I've also been advised that the Rapid Rescore proce$$ is not making as a significant impact these days as in the past. Don't pay anyone, you can take care of this yourself.
Hope that helps and Good Luck,... more
It is good to pay off your debts. Right now it is very hard to get financing, and you have to have certain ratios to be able to buy at all. Your lender is probably just trying to get you to those ratios. If you have everything paid off....you can start checking almost immediately. You can pay to have the affect fast tracked, or wait a few months, then chek...your well on your way.
Best of luck,
Joan Wilson –Realtor, Ecobroker, SRES, Reo & Short Sale Specialist