Credit Score in 30257>Question Details

Luckytime69, Home Buyer in 30257

my credit score is 616 i have a really good job i got divorced and my score dropped i make 100k average a year can i qualify for a mortgage ???

Asked by Luckytime69, 30257 Thu Oct 28, 2010

credit was around 720 when i divorced she didnt get the equity line out of my name and she was late on it 2 times and it hasnt been late in a year any help ????

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Yes it is still possible. You might need to have a large down-payment. Cash helps when your credit is down.
0 votes Thank Flag Link Thu Nov 4, 2010
It sounds like you may need to dispute these charges, did you speak to the 3 agencies? If you need to restore your credit quickly, consider options a professional credit restoration company can offer - look for a legitimate, affordable company with a proven record.
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0 votes Thank Flag Link Thu Nov 4, 2010
Your possibility of obtaining a mortgage is based on a number of things. One, how much debt is on your credit card? You might want to pay off all but one credit card and then make sure the balance on the remaining one is 1/3 of your limit. You have to be on the job for 2 years and if you have changed companies it must be the same field of work in that 2 year period. Make sure your household bills,i.e. utility bills etc. are paid on time. Remember that when you purchase a home you add the taxes and insurance into the mortgage payment. A nice little nest egg always looks good to a mortgage company and don't forget the closing and moving expenses. If you can build up your credit rating a little higher than 680 you will get a better interest rate also. Remember risks cost more money and the banks and mortgage companies are being very very careful at this time. Prices will come down more so do not be in a hurry to buy. Good luck!
0 votes Thank Flag Link Tue Nov 2, 2010
ive never been late on anything except that line of credit and that wasnt my fault and i do have an acc with equifax to watch my report only bill i have it a car payment and cell phone and rent credit cards are not a problem i pay them off every month thx again for the feedback
0 votes Thank Flag Link Thu Oct 28, 2010
thx for the feedback everyone i just need pre approval to get a construction loan to build my next house never had to go about it this way but banks want pre approval nowadays hopefully it will come up fast anyone know a good mortgage company ??
0 votes Thank Flag Link Thu Oct 28, 2010
It is very common for credit scores to go down after divorce. Closing accounts, not paying on time on previously joint accounts, adjusting to changes can all take their toll. The good news is your income is good and credit isn't far off.
As a lender, if you were my client we'd take an official look at your credit report and consider whether there might be some repairs we could do you would benefit from before we start looking. Scores of 620, 640, 660, 680, 700 & 740 all have adjustments to price, improving as the score goes up.
Whether you qualify will depend on a full application and review, but it would be worth looking into, if not now you may be able to buy soon.
0 votes Thank Flag Link Thu Oct 28, 2010
Yes you can qualify, also your credit should improve in no time to 620
Start talking to a FHA lender also check if you get credit re scored .

Remember your reedit is a dynamic number and changes every few weeks.
Prudent to pay down some debts two to three times in a month instead of one payment

Good luck.
0 votes Thank Flag Link Thu Oct 28, 2010
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