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Contributor
Seatown1two
Posts: 80
Registered: ‎02-16-2011
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Dismissed chapter 13 and getting pre approved.

So i went to my bank today (bofa) and they ran my credit and they expressed concerns over 2 items.  First being a dismissed bankruptcy from 6/06 and a tax lien dated 4/1/03 that has been fully satisfied.  Transunion says it will be removed March of this year.

 

What are my chances of getting approved with my scores listed below?  I make 35k /yr, owe 13k on my car ($328 per month), have 5 credit card accounts with CL totaling $2520 w/ 17% util.  Payment history for the past 3 years is spotless across the board.

 

Thanks in advance!!


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Dismissed chapter 13 and getting pre approved.

What are your scores?

Pending you qualify with score, employment, etc etc it can be done.

Not sure how much house you are looking to buy, but because of your debt owed most likely be 100k or less of a home purchase. Guesstimate on what you mentioned.
Good Luck
May all your dreams and wishes become a reality!
Contributor
Seatown1two
Posts: 80
Registered: ‎02-16-2011
0

Re: Dismissed chapter 13 and getting pre approved.

[ Edited ]

JM-AM wrote:
What are your scores?

Pending you qualify with score, employment, etc etc it can be done.

Not sure how much house you are looking to buy, but because of your debt owed most likely be 100k or less of a home purchase. Guesstimate on what you mentioned.


Scores are in siggy..


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Super Contributor
DallasLoanGuy
Posts: 6,238
Registered: ‎07-03-2007
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Re: Dismissed chapter 13 and getting pre approved.

try another lender..... sometimes you get an 'order taker' at the big banks.

you need a PROFESSIONAL to pre-approve you

 

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Contributor
Seatown1two
Posts: 80
Registered: ‎02-16-2011
0

Re: Dismissed chapter 13 and getting pre approved.


DallasLoanGuy wrote:

try another lender..... sometimes you get an 'order taker' at the big banks.

you need a PROFESSIONAL to pre-approve you

 

 


I just thought my bank would be a good place to start since I have banked with them since 09 and they would have quick access to all my account info.  Do you have any suggestions Dallas?  Do any of you see the dismissed BK being an issue like the loan officer mentioned?  I really would like to get a competitive rate.


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Super Contributor
DallasLoanGuy
Posts: 6,238
Registered: ‎07-03-2007
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Re: Dismissed chapter 13 and getting pre approved.


Seatown1two wrote:

DallasLoanGuy wrote:

try another lender..... sometimes you get an 'order taker' at the big banks.

you need a PROFESSIONAL to pre-approve you

 

 


I just thought my bank would be a good place to start since I have banked with them since 09 and they would have quick access to all my account info.  Do you have any suggestions Dallas?  Do any of you see the dismissed BK being an issue like the loan officer mentioned?  I really would like to get a competitive rate.


 

 

it is 3yrs old..... a decent explanation why you didnt go thru it will be needed.... but shouldnt be an issue.

ask your realtor for a referral to a loan officer?

 

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Dismissed chapter 13 and getting pre approved.

I cant see your scores from cell.

But I agree with Dallas you need to find a different LO or Broker
Good Luck
May all your dreams and wishes become a reality!
Contributor
Seatown1two
Posts: 80
Registered: ‎02-16-2011
0

Re: Dismissed chapter 13 and getting pre approved.


JM-AM wrote:
I cant see your scores from cell.

But I agree with Dallas you need to find a different LO or Broker

Ahhh, sry bout that...  EX 640 EQ 656 TU 660.  My realtor actually referred me to a Loan officer at a mortgage company.  Gave him a call and he's going to get back to me no later than wednesday.  Also bankruptcy was dismissed  June 2006 (6 years old).  As to the size of loan, not looking for anything major.  Probably will be a condo or townhouse somewhere in the 50k-90k range.


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Dismissed chapter 13 and getting pre approved.

You should be okay as mentioned. The total purchase price will be impacted by your debt. But I am sure you can find something within your means as you mentioned.

Good luck....
Good Luck
May all your dreams and wishes become a reality!
Contributor
Seatown1two
Posts: 80
Registered: ‎02-16-2011
0

Re: Dismissed chapter 13 and getting pre approved.

So i just got my pre approval letter today for an fha loan up to 125,000!!!

 

So I'm curious what's next..  Do I just begin the hunt with my agent for which condo/townhome I would like to purchase?  When will I find out exactly what rate I qualify for?

 

 


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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