topic 2nd try for a mortgage in Mortgage Loans

2nd try for a mortgage

fezwhy — Tue, 24 Sep 2013 00:22:08 GMT

I tried last month to see if I qualified for a mortgage with my local credit union and was rejected. They say because of my foreclosure in 2008. So today I applied through wells fargo with whom I bank with to see if I can qualify. I received a phone call not even an hour after applying which I thought was fast. Tomorrow morning him and I are going to go fill out all my info and run it to see if I qualify. If I get rejected again I think I give up this year on trying a 3rd time.

My scores are in the 670's for all 3 credit agencys. However I have a foreclosure from 2008 and a loan I cosigned in 2005 which is in default. It's a private student loan which keeps getting sold to different collection agencys every 6 months. I took my time rebuilding credit going from 450 after foreclosure to the 670s now.

My fingers are crossed I can qualify. If I have to wait I guess I don't have a choice. The foreclosure falls off my record next fall.

Re: 2nd try for a mortgage

Believe1970 — Tue, 24 Sep 2013 02:27:19 GMT

Good luck! I hope you get approved!

Re: 2nd try for a mortgage

akomayaa — Tue, 24 Sep 2013 14:21:09 GMT

Hope you get approved!

Re: 2nd try for a mortgage

RJA — Tue, 24 Sep 2013 14:57:43 GMT

Good luck. Hope you get your approval. Don't give up if you don't though. Try another lender that is not a bank/credit union - or go through a broker. Maybe they will be able to help you where the bank and credit unions can't.

Re: 2nd try for a mortgage

jadeite788 — Tue, 24 Sep 2013 16:50:07 GMT

Dont give up.

Re: 2nd try for a mortgage

fezwhy — Tue, 24 Sep 2013 16:53:59 GMT

Thanks all. I did get a mortgage broker referral from a friend. I know 4 people that have used him and he comes highly highly recommend. I will try him next if the bank says no

Re: 2nd try for a mortgage

fezwhy — Thu, 26 Sep 2013 14:27:12 GMT

So the mortgage guy is says I qualify for a program that only requires 2 percent down with no pmi. Anything can happen during the approval process though. He says it looks good because I prepaid 5k in rent which I do get back when I move. I also have 6k in the bank. Will find time tonight to finish my application. Fingers are crossed.