topic Re: Would I qualify for a mortgage in Mortgage Loans

Would I qualify for a mortgage

Anonymous — Wed, 10 Sep 2008 10:25:32 GMT

Hi,

This is my situation, I am looking to buy a house for 250.000, I have 40.000 saved for downpayment and closing costs. My current credit score is on average 652. The score dropped from 773 to 652 due to a collection in August, its allready been paid though.

I dont have any other late payments, and no debts.

I have been abroad 2 years and thats why I missed the paymet that went to collection.

///Carl

Re: Would I qualify for a mortgage

Anonymous — Wed, 10 Sep 2008 10:27:12 GMT

I forgot to mention that my income is 100k a year.

Re: Would I qualify for a mortgage

anca21bi — Wed, 10 Sep 2008 19:22:26 GMT

I think you would definitely get approved, especially if you have a good down payment.

Re: Would I qualify for a mortgage

Anonymous — Wed, 10 Sep 2008 19:57:58 GMT

I don't see any problem for you to get a mortgage. Though, you'll not get the cream rates... but decent.

Re: Would I qualify for a mortgage

Anonymous — Wed, 10 Sep 2008 20:05:26 GMT

I have been lurking these forums a while and I thought that the recent collection would disqualify me for one year. I paid same week it was reported on my credit report. The collection was paid in full as soon as I knew I owed the money.

Re: Would I qualify for a mortgage

brownee — Wed, 10 Sep 2008 20:07:25 GMT

Maybe you could GW them and see if they'd remove it...

Re: Would I qualify for a mortgage

Anonymous — Wed, 10 Sep 2008 21:14:38 GMT

audio_cf wrote:
I have been lurking these forums a while and I thought that the recent collection would disqualify me for one year. I paid same week it was reported on my credit report. The collection was paid in full as soon as I knew I owed the money.

It depends on the lender and the program (conventional, FHA, etc) that you're applying for. Talk to an LO to get a professional opinion. You'd likely have a hard time with FHA with such a recent late, but other programs might be willing to give you a pass on it, especially if the rest of your file is strong (down payment, reserves, DTI, employment, etc).