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Credit Score in Dublin : Real Estate Advice

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Activity 2
Mon Mar 17, 2014
dutrajohn answered:
Joe,

There seems to be a couple of questions here - the first regarding the 95% loan amount which seems to be answered fairly well. Keep in mind that the "point" everyone is talking about is to the cost of the loan itself - not a point that a lender may actually charge on the loan as an origination or discount fee.

The second question is regarding the impact of perceived risk coming from the 5 year old collection and that can be simple or complex.

With collections that are that old - if the originating lender has let it go and it is small (less than a $1000 or so), the impact of 5 years would have minimal impact on your score or the decision to grant you a loan and nearly zero impact in cost.

If the originating lender from 5 years back is still pursing the collection - that is reporting it in real time today (you can tell this on your credit report) - in other words, they haven't let it go, then the impact is real and can be significant.

I don't have your credit report to review, but if that is the only item in question, then I would assume they are still pursuing it given your 700 score.

I would be happy to review any report you have to give you a more definitive answer - let me know.

Best regards, John
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Sat Mar 15, 2014
Dan Tabit answered:
Joe,
I was a licensed lenders for many years. Before the crash, we had some basic matrixes for the B & C lenders that indicated credit scores, DTI, LTV, employment status etc. Since these companies are all out of business, we have Fannie Mae, Freddie Mac, and FHA to rely on. Their matrixes are possible to get, but there are so many exceptions and alternative options, overlays and variables, you shouldn't try to do this on your own.
It's not just credit scores and ratios. Talk to a great local mortgage lender and discuss your situation. They can advise you on the fastest steps you can take to qualify, or improve your situation to get a better rate.
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