The 598 will still qualify for some lenders the 543 will not. Your rates will be higher and your required down payment will also usually be higher than standard 3.5-5 % FHA or minimum conventional. I am happy to help. 412 576 5561. Doug Caye... more
There are three credit bureaus that report credit history. They are:
I would figure out which one you "have", and contact the other two to see why there is no information on your husband. It could possibly be that they have wrong information on file, or have him under a different name or SSN. This would be a reason why the bank can't find any information on him via the other two agencies.... more
Yes. I work with a lender that can assist and has been able to overcome the traditional minimum scores. Call or email me at your convenience to discuss.
John Mondello, Realtor
Putting derogatory items behind you can take some time but you don't want to forget to replace that bad history with some new good history. Having 2-3 open active credit accounts reporting your timely current payments is the best way to rebuild your credit score. Be certain the credit accounts you have open are reporting to all 3 bureaus BEFORE you open these accounts, otherwise you only build one score when you need to build all 3.
FHA won't allow a loan to close if you have collections exceeding $2000. You can google 13-24 Mortgagee Letter--Collections for HUD's policy on that and you may have to work to satisfy those collections by arranging payments to them.
If student loans are deferred for more than 12 months, they won't be included.
Good Luck!... more
Sounds like you have your dream job lined up and a new home on the horizons.
You have options for getting a loan with many banks and also increasing your credit score over the next three months..Simple easy steps to take too.
I would suggest you work with a local lender that you can meet face to face and review your wants and needs.
Please call or email.
I am happy to provide you with several choices for completing your home purchase.
PS. I just found the perfect house for a client last weekend that had asked this very question last summer.
It does work...and they found the house they had in mind...
Keller Williams Realty
CA DRE 01872795... more
The banks don't come up with a credit score, the banks order your credit through the various credit bureaus (Equifax, TransUnion, Experian) which provide them your credit scores. The reason you can't figure it out on your own is because the algorithm to calculate your credit score is proprietary to each credit bureau , i.e. a "trade secret". There are thousands of factors that go into calculating a credit score, and each credit bureau has a different way of analyzing that information to come up with it's on credit score. This is also why if your credit history is the exact same on all 3 credit bureaus, you will still get 3 different credit scores. So you can get your credit scores by applying for credit (mortgage, auto loan, credit card, etc.) or you can go to the various online websites to get them there - but since everyone wants to know their credit score, and they are willing to pay to find out, that is why you are being charged, as it's coveted information.
If you are just starting to learn about what credit scores are, I have found that the http://www.myfico.com/crediteducation/creditscores.aspx website is an invaluable tool as it explains everything in an easy to understand manner.
Shane Milne | Lending in all 50 states | NMLS #81195... more
In a nut shell the three things we would like buyers to know understand and have ready to document is their credit, income and current debt status. Borrower should know that they can legally check their scores free once per year - Freecreditreport.com although this isn't the report we will use for them and the scores will not be accurate, it does give them an idea of what their credit history looks like and an opportunity to start getting erroneous info removed. Number 2 is income, borrower should have their paystubs, w-2's and tax return ready to discuss with their loan officer, it helps cut down a lot of time and makes qualifying a lot easier when borrowers understand what their income actually is. Finally, borrowers need to understand their debt levels. Current lending standards will only allow us to approve borrowers with a max 55% DEBT TO INCOME RATIO. Which means no more then 55% of their gross income can be allocated toward revolving, installment or mortgage debt.
I don't ask that borrowers know how to run these numbers or be able to qualify themselves, but a basic understanding of their own financial picture helps. The minimum they can do is have their info ready when they call. Hope that helps!... more
Please feel free to call a lender. They can tell you exactly what you are approved for and how much. There are a few other determining factors that will make you not qualify for a loan. Please feel free to call me so that I can lead you in the right direction and explain all of the programs that are out there.
I can be reached via email or phone
Bruce.firstname.lastname@example.org or 646.588.1720
The lenders I use a lot is Wells Fargo and Power Express Mortgage Bankers
Ed Angelino at Power Express 1.718.904.0004
Alex Payne 917.204.5402... more
Its good for you to ask questions to understand exactly how your FICO score will be impacted. I would recommend that you check out the MyFICO website - I have pasted the link below. When you do decide to shop for alone make sure you have all the possible lenders you chose pull your credit around the same time for minimal impact.... more
Your credit score is above what is generally required. These days qualifying can be a little intense because of past lending policies. If this is a forcclosure and you have requested renovation financing, as well, it may be that an issue continuous income or ability to pay is concerning the lender. That being said, it appears you're still in the game and it is now wait and see. Apart from increasing your income or lowering your debt, and if finances allow, ask your lender how much of a difference it would make if you put more money down up front. Usually, this allows for a lower credit score in this type of loan, but maybe asking for less of a mortgage could turn the tide in your favor. Underwriters can appear unfeeling and it's all numbers to them, but their job is to protect the lender and to avoid their incrimination. I wish you the best of luck. Hang in there.... more
Have you contacted a lender? If not, that's really the best place to start. Depending upon your income and credit score, they may not care so much about the charge-off if your credit history shows payments on time - every time. That, and the fact you have documentation showing you were not responsible for the debt per your divorce decree. Also, many lenders can provide assistance (by way of direction) to combat credit issues. Definitely call someone to get an opinion. It could be clear skies and sunshine, instead of the thunderstorm you fear.
Best of luck!... more
The problem is with that, from many years of experience, its a waste of your time as bad credit people generally won't invest the time, effort and costs required to fix their lives.
They expect it to be free or they think they can write letters to the credit bureaus and fix their issues on their own. We in the know...know those letters go right into the garbage when the 3 reporting agencies receive them!
Here' a simple test:
Ask them to take $500.00 and open a secured credit card at a Bank. I believe you'll find that 99% of them won't even complete such a basic first step to help their selves re-establish credit.