Maybe this is a weird question, but as I'm thinking about applying (because I found a house I love) I find myself feeling as though I have to explain my situation before I put in an application.
In some ways this makes sense because if a lender knows the UWs won't approve me only 30 months from a FC what's the point in applying and having them pull my credit?
I sent an email to one person at a local bank that basically laid out the positives (income, emploment, low DTI) and the negatives (FC, lates from 2/13, paid judgment) and laid out scores from my own pull and said, "assuming I meed your minimum credit score requirement, and knowing what you know about my "bad" credit, can I submit an application with you?" Said person did not respond. It's probably better to talk in person . . . but honestly, I'd rather get the bad stuff out of the way through email and go from there!
I guess I feel as though I'm asking for a favor and so instead of going in with the, "I'm applying, make it work" attitude, I'm all apologetic. So I'm wondering what your approach was - if your scores are/were low, how did you approach lenders? Am I the only one who feels like this? It's SO very different to the last time I applied, in 2007, when my scores were high 700s and I had a 20% downpayment. Losing my job in 2008 and burning through my savings to pay my mortgage (which obviously didn't work given the FC) was not something I anticipated and now I feel like a criminal asking for a special favor.
Starting Score: 2/2013 EQ 535
