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Mortage Possible?


lsvhammer
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Would like to get Home loan. Hopefully 100%. Pulled Experian Score 599.

Have 2 old credit card accounts from 98 when defaulted. Also listed is a company that purchased 1 of these accounts.

Also a Judgement that has not been paid from 99 (didn't know about)

Also 3 other Judgements that have been paid the last at beginning of 03.

All medical. I paid all of these up front.

Also listed:

BENFCL/HFC opened 1/96 paid off 11/96 - Never Late

FIRST PREMIER BANK opened 2/01, still open owe $612 - Never Late

FREMONT FRST CNTL CU, car loan opened 8/03 - never late

FREMONT FRST CNTL CU, car loan opened 1/04 - never late

FREMONT FRST CNTL CU, car loan opened 12/03 - never late ( I am a co-signer on this loan for my son. I do not make the payments.

Have not pulled husbands report though I'm sure it is pretty similiar, though sons car loan will not be listed on his.

Annualy we gross about 60,000.

anyway I can possible qualify for a home loan?

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That's quite a few car payments there. Even though you have co signed on your son's car loan, it is not old enough to prove that he is indeed the one who is paying it. Generally, you would need to show twelve months history to exclude payment.

The credit score is probably O.K., but really need to know all three to determine a mid score, or at least two to determine a lower of two.

Let us know the total going out in car payments each month, and we can then calculate what you can qualify forin terms of allowable mortgage debt.

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You are in alot better shape than I was fearing. Three car payments had me wondering.

Regarding the 1996 repo, the falloff date would be 7 years AFTER the date of last activity.

Now what you want to hear: Based on the information provided so far, (credit scores, income, and debt ratios) you are prequalified for a mortgage at a full 100%.

Your credit scores should continue to climb substantially as well due to the aging on your new accounts. I don't know that I would recommend playing with your credit report anymore until after you get into your new home. Equifax and Experian have recently introduced a new scoring system, and after a collection is updated and paid, it is actually lowering the credit score. Both bureaus have been spitting out some crazy numbers after a collection or jusgment has been updated.

I can only hope I do not get blasted for that previous paragraph, but I have seen this happen on several occasions in the past two months.

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also what kind of interest rate should I be able to get? How long of note (husband 49)? And do most loan at 100% on a modular home? How would I calculate payment on say $90,000 with interest, taxes & insurance?

I can calculate your payment here on Caylex if you have an average area for real estate taxes and approximate insurance amount? I can give you approximate pmnts on 10,15,20,30 year terms.

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Thought I better go pull at least 1 of husbands reports just in case.

EQ: 515

His basically has everything listed mine does w/exception of sons loan.

But it also has accounts I don't have on mine 1 is listed twice for same account from 1/99 (should I dispute to remove 1?). Another account from 9/99 that we have no clue what it is and a medical bill for $50 from 3/03.

Does this blow are chances of getting a 100% mortage at this time? Can they just go by my scores?

Any help woild be greatly appreciated!

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Most sub-prime lenders use the credit scoring from the person with the highest income, so you may still be in good shape. You listed your combined incomes, so hard to tell, but in this world, alot of the times the husband is the higher paid of the family.

Charles

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No, they would use either your husband, or probably they would use both of your scores, and average them. So your best bet would be to try to go stated wage earner, for just you. In that case, I dont know of any lenders that will go a 100% loan.

One thing to consider, would be to try to get a seller to carry back a second mortgage. It is not easy to find someone that will do this for you, but it does happen frequently.

As far as a lender in Nebraska goes, I will try to find you one.

Charles

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