Well yes, your credit report will suffer, however you can do a loan modification to your mortgage to make it affordable. There several other avenues that you can use to sat in your home and try to work out a deal with the lender.... more
Its over a year ago on the last late, nothing to worry about its a standard Fannie requirement to make sure that this is not an on going issue. Good Luck and quickly upload it into your Loan tracker.... more
Yes there is a way...the biggest obstacle for most folks is their own commitment to staying on course with improving their credit vs going back to past spending habits that got you into trouble.
FICO is a predictive score based on your past credit history that helps creditors understand how good a credit risk you would be. Low score/high risk 300 to high score low/risk 850. A good score would be 700 or higher....although credit could be extended with a score below 700. Where is your FICO currently? That will determine how aggressive to be with your credit restoration... If you want specific steps to try to take email me direct at thinz @apexgroupus.com and put CREDIT HELP in the subject line. Tom Hinz www.shortsaletosell.com... more
Absolutely...just may need to change the terms for deposit to make the rental worthwhile for the landlord. Also, having poor credit can mean different things for different people. What is your FICO score? Some folks think have a 650 score is bad credit when they are used to the 800's...
As a landlord., it would help to understand more the issues that affected the credit score after running the report. If a short sale or bankruptcy for example, and there is good income, welcome to the world than many folks who never expected to be in - are! You could be an ideal tenant for a rental.
Or maybe not...
Tom Hinz www.shortsaletosell.com firstname.lastname@example.org... more
With a 660 FICO the doors are open to just about every mortgage product out there; at least with the lenders I work with. While the score will not directly impact approval, it will play a role regarding interest rate / pricing. Depending on other aspects, such as income & monthly debt, it could affect the buyers Debt-to-Income (DTI) ratio which in turn could have an affect qualification.
I review many credit reports on a daily basis and can tell you, from experience, the score only tells half the story. I find that the content within the report is of far greater importance especially when the file enters underwriting. A single overlooked aspect can create massive delays, even denial, which is why it's imperative to choose a mortgage professional who thoroughly understands ALL underwriting guidelines and knows what their doing.
If you'd like to run a specific scenario by me please don't hesitate contacting me directly at (201) 957-6768 or via email; whichever is easiest. I'm here to help.
Paul F. Marzolla
Sr. Mortgage Consultant
Minimum credit score for mortgage financing is currently 580. If you have a 620 or higher it opens the door to the most options, but a 580 will be sufficient; at least with the lenders I work with. It's also equally important to understand what influences your credit score because underwriting will look at the contents. With so many underwriting guidelines it's very important to choose to work with a mortgage professional who knows his/her stuff, such as myself.
Being that this is your first time buying a home I'm sure you have questions, all which I'd be more than happy to answer. I encourage you to contact me directly so you can ensure you receive sound advice and gain a better understanding of what to expect from now until closing.
Paul F. Marzolla
Sr. Mortgage Consultant
Another way to assist your credit score is to obtain a secured credit card. This is a major credit card like a Visa or Mastercard which requires a secured bank deposit to use it. You can use it to pay for items and then make sure you pay them on time each month. Your on time payments will help to bring up your score. In this current environment, mortgage lenders are very conservative so your score and debt load will impact your credit worthiness to get a mortgage.