Questions for Dallasloanguy???

Anonymous · ‎05-11-2008

1. Is there such a thing as high risk loans where they allow you to put down a large sum of money to assume a home loan? If so what % is that?

2. If I already have a mortgage will I need to sell before obtaining a new one?

3. I have some very small accounts would it help to pay these off to boost my credit score?

4. Can a CA sale your account and continue to report that account too. I have one account that has been sold several times and all three are reporting it some have changed the $ amount such as $896, $869, and $868. The account I know is about 9 years old is this legal?

5. How long would it take to improve your score?

6. Why is it when looking at rates and scores for mortgages some states are much higher than others for ex. SC starts at the mid 600's

7. Is there mortgage companies out there that deal with not so good credit. I've had my eye on the same house for about a year and a half it is a new construction and I keep praying that I can fix my credit before someone buys it.

DallasLoanGuy · ‎05-11-2008

looking4help wrote:
1. Is there such a thing as high risk loans where they allow you to put down a large sum of money to assume a home loan? If so what % is that?

2. If I already have a mortgage will I need to sell before obtaining a new one?

3. I have some very small accounts would it help to pay these off to boost my credit score?

4. Can a CA sale your account and continue to report that account too. I have one account that has been sold several times and all three are reporting it some have changed the $ amount such as $896, $869, and $868. The account I know is about 9 years old is this legal?

5. How long would it take to improve your score?

6. Why is it when looking at rates and scores for mortgages some states are much higher than others for ex. SC starts at the mid 600's

7. Is there mortgage companies out there that deal with not so good credit. I've had my eye on the same house for about a year and a half it is a new construction and I keep praying that I can fix my credit before someone buys it.

1. not sure i know what you mean by 'assume'. but is you mean 'high risk' as in no credit, ect. then there are 'hard money' loans. they loan up to 70% ltv

2. if you can rent it for enough.... it may not count against debt ratios. rent X 75% - PITI = net effect on dti

3. revolving? yes. installment? no.

4. nope. not legal. research 'debt validation' to get it corrected.

5. that is so wide open.... scores change daily.

6. because the people who advertise the rates are dum basses? we have very minor rate adjustments on our inhouse rate sheets for different states. les than .125%

7. YES. if the last 12 months are ok, hen fha is available

Retired Lender

Anonymous · ‎05-11-2008

As far as you #4 question..you need to find out what is the DOFD (date of first delinquency)...an account an be sold to CA to CA...but only one CA..and the OC can report at then same time...find out the DOFD and it would 7 years from that date that it can stay on your report...if it's past that..you need to dispute it ASAP..and have it removed...