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Mortgage in the future

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bshockley1981
New Contributor

Mortgage in the future

Hello, first I would like to thank all the people who contribute to this board. I have learned so many helpful things reading these forums daily.  Ok, my question, how does past repossessions play into mortgage approvals? 

 

Details:

 

Current Scores: 604,598,612.

I am looking to sell my manufactured home within the next year, making around 10,000 after sale.  I figure I will take about $2000 and pay off old collections(medical)  That leaves $8000 to use for a down payment and closing costs.  Looking for around $80,000 home.  The four collections will show paid which brings me to my 4 year old repo.  Shows unpaid at $6500, but not with a collection company yet. Still shows the dealership I bought it at as a charge off.  Had to go buy-here pay-hear with lower credit scores. Lost the van due to job cuts.

 

Since then, I have financed 3 cars,  most recently approved through Ally.   I am looking for financing through Quicken, just wasn't sure what to do with the repo.

 

Thanks

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