topic Re: Would We QUALIFY for a MORTGAGE?????? in Mortgage Loans

Would We QUALIFY for a MORTGAGE??????

BabyV — Wed, 05 Sep 2007 15:37:18 GMT

My husbands scores are EQ 635,TU 675, EX 685 and he has been on his job for 18 months ,no car note just one collection on equifax only . Just approved for a AMEX DELTA GOLD 4200, and another credit card with low limit no lates reporting . On the other hand I have a BK , will be 2 Yrs in FEB 08. I have reestablish my credit. scores are still hovering around 610-650. Do we have a chance with his credit alone.PLEASE HELP !!!!!!!!!!!!!! thanks guys

Re: Would We QUALIFY for a MORTGAGE??????

Anonymous — Wed, 05 Sep 2007 19:46:05 GMT

Need more details on the BK... Is it a CH7 or 13 and dismissed or discharged? If its a CH 13 and everything after that date is good... you can do an FHA loan but keep in mind that I'm only going by the information that I see. Plus things are changing all the time.

Re: Would We QUALIFY for a MORTGAGE??????

BabyV — Wed, 05 Sep 2007 20:57:23 GMT

I had a Chap 7 BK discharged in Feb 05.

Re: Would We QUALIFY for a MORTGAGE??????

Anonymous — Thu, 06 Sep 2007 00:06:24 GMT

I'd say you're can definately get approved for a mortgage with those scores and even a 2 year old BK. If you've got good housing payment records for the past 12-24 months, be sure to let a lender know about, perhaps through cancelled checks or a letter/statement from your landlord.

You might not rate "A" paper from a mortgage company right now, but I'll bet that within 12 months of getting a mortgage and making your payments on time, along with keeping your other credit clean and debt utilization down, you will be pleased to have a 700 or higher score this time next year.

You should go ahead and start that loan process asap before rates and terms get crazier than they already are. Good luck and let us know how things work out! Oh, and MOST importantly, be sure to shop around and get at least THREE offers in writing.

Re: Would We QUALIFY for a MORTGAGE??????

BabyV — Thu, 06 Sep 2007 00:18:43 GMT

Thanks for all your wonderful advice!!!!!!!!!!!!Were gonna keep everybody posted on the outcome.