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What are the chances of getting mortgage for dream home?

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Anonymous
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What are the chances of getting mortgage for dream home?

My husband and I finally found a home we like it is a foreclosure w/large square footage and ultra modern. It is a foreclosure, been on the market for 4 months and so far no serious buyers. My husband has been working for a utility company nearly 18 yrs and I worked in healthcare nearly 20 yrs. My husband as also is an adjunct professor. When we first got married and bought our co-op(another foreclosure) we had credit issues. But in the 12 yrs we have cleaned up our credit considerably. The mortagage to our co-op is in my name and the value of it is 4x what we paid so when we sell we will pocket a considerable amount of cash. My husband has stocks and other options to obtain the 20% down payment to avoid the PMI issue. My Equifax score is 632(as of May 2008), I have not check my other scores yet. My husbands is in the high 600's and maybe in the 700 range by now(I have not checked his since last year. There are 2 outstanding bills on my part but I am paying them off timely. The sale of the co-op will pay off everything anyway. What are the chances of us getting a decent percentage rate on a prime mortgage?
Message 1 of 6
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Anonymous
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Re: What are the chances of getting mortgage for dream home?

Ren,
 
What are the tradelines on your report and what are there balances? If you have high util it is possible that you can get your scores up to 680+. That would give you an even better shot of qualifying for a decent rate.
Message 2 of 6
Anonymous
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Re: What are the chances of getting mortgage for dream home?

The mortgage account is the only real open one. The associates acct is still out there as well but it was a loan and it was paid off years ago. I did apply and got a secured card with Orchard Bank to get my utilization up. I got rid of all my credit cards years ago and lot of baddies are off the report.
Message 3 of 6
DallasLoanGuy
Super Contributor

Re: What are the chances of getting mortgage for dream home?

apply, it's free!!
20% down cures a lot of deficiencies in a loan file.
 
Retired Lender
Message 4 of 6
Anonymous
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Re: What are the chances of getting mortgage for dream home?

We are definitely putting down 20%, I want to eliminate the PMI. It is more than likely however my husband will obtain the mortgage on his own-he has the better scores though I am not ruling out the option of putting myself on.
Message 5 of 6
DallasLoanGuy
Super Contributor

Re: What are the chances of getting mortgage for dream home?



Ren wrote:
We are definitely putting down 20%, I want to eliminate the PMI. It is more than likely however my husband will obtain the mortgage on his own-he has the better scores though I am not ruling out the option of putting myself on.

i recommend that my clients apply joint.
if one hurts the file, i can remove that applicant with the software and run it again.
 
fyi

 
Retired Lender
Message 6 of 6
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