Can I qualify for a Jumbo?

[Anonymous]

Hello all,

First time poster here. I am hoping to sell my current home and move up within the next 12 months. I had a financial crisis approximately 4 to 5 years ago and have slowly been working on cleaning everything up.

My current mortgage scores are EQ 653, TU 616, EX 581 as of 2/4/19.

Looking at MyFICO my last late payment shows 47 months so next month should go to a clean 4 years since a late payment. I have good mortgage (no late payments) and auto loan credit. I am also listed on several CC's as an AU all in good standing and recently paid to $0 balance.

My bad stuff are old charge-off accounts and 2 remaining collection accounts with PRA (I settled 6 others last September which have all been removed from my CRs). I have paid/settled several of the old charge-off accounts which now show a $0 balance but the CO is still there. Here is a list and status of accounts showing with balances as of 2/4/19:

Good

Capital One 6000CL / Balance $1512 - will be $0 after payment today

Discover - $1500CL / Balance $0

Bad

Bank of America - $6000CL / Balance $7098 CO - Settled in full 2/5/19

Wells Fargo - $6200CL / Balance $6380 CO - Settled in full 2/5/19

Bank of America - $5500CL / Balance $6158 CO - Settled in full 2/14/19

Best Buy CBNA - $2,105CL / Balance $3134 CO - Paid in full 2/11/19

I guess my question is with my recent work on this do you think it's possible for my mortgage scores to jump enough to qualify for a jumbo mortgage ($600k to $700K) assuming my income and DTI are sufficient and I put 20% down? Any suggestions on additional steps I should be taking/considering? What kind of impact will the recent payments have on upcoming FICO scores?

[Revelate]

Can't say without knowing how they report, it should be a win given your current scores but can't predict it.

Jumbo loans are all let's make a deal territory because the loans are typically portfolioed; get your new scores after update, and go and talk to some lenders would be my recommendation and socialize it with them.

[AZEsq]

I know you’re here to talk to LOs but I’ll twll you this, the best thing you can do is pull your 3B report and look at your 5,4,2 scores. I’m betting the lates have reached their max negative effect on your scores and since your home or auto never went late, you are probably in the low-mid 700s. The fact that your installments never went late means that your LOE explaining your financial difficulty may not even be necessary. Pull a 3B.