I've been rebuilding my credit over the last year and am in the waning hours. I have been working towards getting my family into a home of our own, and would like to be moving in by the end of May, when my son is out for summer break. I've learned quite a bit about rebuilding credit but am a total novice on mortgages. My big concern, outside of getting accepted for pre-approval, is not having enough cash in hand to cover both the downpayment and closing costs. I have been talking to with a LO at REMN (Real Estate Mortgage Network) and have given them the ok to pull my report and start seeing where I'm at. I'm hoping that either my student loan rehab reports to the bureaus or that a lender can help me expedite the process. I would also like to see if my local bank (been with for 10 years) or CU (been with for 3 years) could get me approved, but am afraid to talk to anyone at either place until I know my loan rehab updates. So my question is really two-fold: What are my chances to qualify given the following information and do I have too little saved to covered 3.5% down and closing costs?
Just finished student loan rehab March 28th, waiting for credit report to update. This will remove several lates and default status, anticipate a 40-80 point increase. Don’t know how to expedite the bureaus reporting this.
3 medical collections with balances, out of SOL, I have the money to pay. Amounts 270, 140, 80.
4 medical collections paid.
No other collections.
HSBC C/O from 04/2007, paid the CA.
Lates on student loans from 08/2010, 120days.
Paid/Satisfied judgement only reporting on TU, 12/2010
4 revolving accounts, no lates, authorized user (my wife’s credit cards) 1 year history, 0% utilization reported.
Thanks for the reply, very helpful indeed. I'm hoping the student loan rehab update will bump my score up a bit.
I tried PFDing the CAs for the medicals but they won't budge. I've had good luck PFDing the OCs on these so I may try that. As far as the paid collections and the CO, GWs haven't worked so far. Luckily the CO falls off next year. Prime Lending is going to go ahead and pull my score tomorrow morning. IF the rehab isn't reflected I'll see if rapid rescore is an option.
As far as the assistance programs, that's a good idea, I'll look into them. I wasn't sure if I'd qualify, Arkansas is a lower income state so I'm sure the bars are lower than others. projecting my income is tricky too, if I went solely on my wages it would be 52k, but by going by what I've actually grossed so far this year its 73k. I work alot of overtime.