I would like to, but can I? Even more important what can I?

[Anonymous]

I have this going on:

MyFico 4 Scores of EQ 699, TU 703, and EX 701

A Federal Tax Lien that will be removed from all 3 within the next week.

3 (unpaid) collections that are within 2 to 3 months of 7 years of age (Midland owns them now)

1 reposession that is over 7 years but is still on all 3 CA's

$900.00 rent

$115k Gross salary

What would I need to do to be able to buy a house that is $499,900.00?

I have been reading through a lot of the postings and thought maybe this could be put into a simple outline for us.

[frugalQ]

Are you in a high cost area?  If you are not, then you will be looking to get a non-conforming or jumbo mortgage (assuming you are putting 10% down).  For jumbo loans, the credit guidelines are more stringent...usually require 700 mid-score or higher.  You will probably have to deal with those collections (if you apply before the collections fall off) and the repo.

you didn't provide enough details to give you advice on how much you can afford, but there are a bunch of 'how much can i afford' calculators out there on the interwebs that can help you determine.

if you are wanting to apply now, you should try and get those collections removed now....since they are so close to the SOL anyway, I suggest you going through the CB's asking for early removal.  And, I recommend you out opt of pre-screen options now (if you haven't already done so) to reduce the likelihood of any old collections coming back to haunt you....  www.optoutprescreen.com

good luck!

[Lemmus]

^^^^^++++ ...what frugal said

[StartingOver10]

How much do you have saved for down payment and closing costs?

As frugalQ mentioned, unless you are in a high cost area, most of the jumbo loans start with a loan amount that exceeds $417k. If you borrow less than $417k you are in conforming loan catagory.

I am assuming the scores you posted are mortgage scores. If they are FICO 08 or any other score, then make sure to pull your actual mortgage scores because that is what the lender will use. You can get those scores here on MyFICO with the 3 Bureau report.  On that report you will see all of your scores: mortgage scores, bankcard scores, auto enhanced scores and FICO 08 scores.  They are all different versions of FICO scoring. Mortgage lenders only use mortgage scores and none of the others.

Is the repo a judgment - many are collections that have gone to judgment. The judgment may or may not show on your credit report. It will show in the public records.  Check your public records to see.  You can usually get a copy of your own public records for free. Most areas of the country have the public records listed on the Clerk of Courts website for your county. Put in your name and take a look at the public records associated with your name. If you have a common name you will have to review each document to see which ones are actually yours and which belong to some one else with the same name. It happens.

How large are the 3 collection accounts (in dollars)?  You may or may not have to pay them. Are they medical or something else? Medical is usually treated differently.

[Anonymous]

The scores posted are the mortgage scores.

I currently have $31k saved up, and am selling a car I own outright for another 27k- I have 5k in cash deposit and the buyer returning on wednesday with a cashiers check for the balance.

Is it possible to get a mortgage with those scores? and if I can- how much higher would the rate be?

The three collections left on total $3k but are supposed to drop off June or July and are not medical.

The repo was me trying to work with them to restructure the loan but they refused.

I then set an appointment to deliver them the boat and did so.

I see no judgements on my report, but also cannot find public records on myself without a site wanting to charge me for information.

I went to the district courts website for MA and am unable to locate where to see any public records.

[Lemmus]

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@Anonymous wrote:

The scores posted are the mortgage scores.

I currently have $31k saved up, and am selling a car I own outright for another 27k- I have 5k in cash deposit and the buyer returning on wednesday with a cashiers check for the balance.

Is it possible to get a mortgage with those scores? and if I can- how much higher would the rate be?

...yes, its more than possible ...the question is can you get one for the amount you posted ...much of MA is a high cost area but we simply don't know enough to answer you with any credence ...suggest you use the "Do I Qualify" link in my sig to post the info needed and include the zip where you want to buy. 

The three collections left on total $3k but are supposed to drop off June or July and are not medical.

...as suggested earlier, those debts are within the early removal zone ...usually a web chat or phone call to  each CRA will get them removed now ...search the Rebuilding Your Credit forum for "early removal" to see how others have done it

The repo was me trying to work with them to restructure the loan but they refused.

I then set an appointment to deliver them the boat and did so.

I see no judgements on my report, but also cannot find public records on myself without a site wanting to charge me for information.

I went to the district courts website for MA and am unable to locate where to see any public records.

...as SO10 said, its the county courts that will hold your public records if they exist 

...if the collections are removed you will see a significant increase in your scores ...mine jumped 70 points when the last neg was removed ...thus the score issue should resolve itself if you can get the early removals ...hth

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[Anonymous]

Lemmus thank you for your reply.

I will check out your link for "Do I qualify"

I will also put in some extra effort into searching the county courts.

Will continue to work on getting the early removals.

The house I am looking at is within the high cost area- if it goes to be a jumbo mortgage does that create other obstacles?

[Lemmus]

...jumbo = more money = higher risk = tighter loan criteria

...but all is not lost ...that area may not put you in the jumbo loan zone

...we'll have to hope one of our RE gurus can provide that info ...hth

[Anonymous]

I spoke with all 3 CRA's on Thursday and Friday of last week.

How long does it take for them to actually remove the items?

How can I check to see if they have without paying another $60.00 to pull my report?

[Lemmus]

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@Anonymous wrote:

How can I check to see if they have without paying another $60.00 to pull my report?

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...any time you get an alert from myFico there is a dispute button ...click on it, takes you to the cra that generated the alert ...you can view your entire file (including sps) and then cancel w/o filing any dispute ,,,I don't do it often but it does help when something pops up you don't understand ...hth