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Asked by Jason Rogers, Lake Las Vegas, Henderson, NV Sun Dec 22, 2013

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Answers

5
Kim Eisen, Agent, Twin Cities, MN
Sun Dec 22, 2013
I have a lender that can work with you (many programs). Give her a call
Esther Drew - AMEC - 952-270-6688. After you get pre-approved, please
feel free to give me a call as I have worked in 55119 and surrounding areas
over the last 32 years as a real estate consultant.

Kim Eisen
Realtor, GRI
(651) 457-HOME (4663)
http://www.QuickHomesSearch.com
1 vote
Susan Hoffla…, Agent, Shoreview, MN
Sun Dec 22, 2013
Hi Jason!
You are wise to want to clear up your issues to get your scores higher. That will only improve the loan product you're able to secure. The better YOUR credit picture looks, the better terms, better interest rate the better monthly payment for you.

I have lenders you might want to be in touch with to find out what your options are.

Curious why you are looking to buy a home here in MN?? We have a really strong economy and our real estate market is rebounding more robustly than many other metro areas around the country, so it makes sense.

Let me know how I can help~
Good luck~
Web Reference:  http://www.homestosellmn.com
0 votes
relocating home inlaws are sick and job transfer with 18 percent income bump
Flag Sun Dec 22, 2013
, ,
Sun Dec 22, 2013
Jason,

One of the trends that's emerging in the mortgage market is that while loan documentation is still extensive and income and asset scrutiny is still painstaking, credit score requirements are starting to loosen up so long as there are compensating factors in the loan file. Compensating factors might be a low debt to income ratio, excess reserves (savings after the down payment) and things like that. In these cases, it's not unlikely that an exception would be made to take a score down to 620.
0 votes
For FHA loans (and I think you'd want to go FHA here), if the aggregate amount of collections is over 2000 dollars, here is what is prescribed for handling it in underwriting:

• At the time of or prior to closing, payment in full of the collection account (verification of acceptable source of funds required).
• The borrower makes payment arrangements with the creditor. If the borrower has entered into a payment arrangement with the creditor, a credit report or letter from the creditor verifying the monthly payment is required. The monthly payment must be included in the borrower’s debt-to-income ratio.
• If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.
Flag Sun Dec 22, 2013
thank u for your support
Flag Sun Dec 22, 2013
I have 4 collections from 2008 that are my dads and he used my social # that debit is 2200 or less from 2007 to 2013 paid on time my credit cc was 3500 on 11/13 I paid 3000 towards them that jump my score 20 points some cc has not reprted the 0 blance 702-806-9567
Flag Sun Dec 22, 2013
Kirk Duckwall, Agent, Burnsville, MN
Sun Dec 22, 2013
I have worked with a lender that can lend with a 600 middle score.

Terry Sullivan
Sr. Mortgage Banker
3600 Minnesota Drive , Suite 625
Edina, MN 55435
License #: (386546)
Personal Phone: (651) 324-7114
Office Phone: (952) 649-5020

I hope this helps, please let me know if there is anything else I can do to assist in your buying process.


Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
http://www.DuckwallTeam.com
Your Referrals Are Greatly Appreciated
Check out our Twin Cities Real Estate Show at http://www.TwinCitiesRealEstateShow.com
0 votes
Chris Block, , Saint Paul, MN
Sun Dec 22, 2013
Considering FHA minimum is 640 then you should have zero issues getting there by the time you purchase a home. I work the whole 55119 zip code and surrounding areas, so if you need any help relocating to Minnesota let me know!

Christopher Block
651-307-7663
chris.block@imetroproperty.com
0 votes
Not sure what your comments mean? call or email me to discuss further. Technically you can buy now (I have lenders that can do 580), but you will get better terms at 640
Flag Sun Dec 22, 2013
agent a in ? realeaste mortgage
Flag Sun Dec 22, 2013
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