Scores Good Enough?

[Reginaj1977]

My boyfriend and I would like to apply for a mortgage in the future. My scores are in the upper 700's with all three bureaus, his are in the low 600's due to one small collection item. This item is in dispute (a whole other issue). Should we go ahead or try to resove the collection item first?. By the way, I've been trying to resolve it for the past three months and I'm just wondering if I'm wasting my time.

[firstsource]

How are you trying to resolve the problem? Do you have a letter from the creditor stating that the account has been taken care of? If so, a loan officer can sometimes help in that regards. We have a special relationship with the companies that we purchase the credit reports from that can many times solve those problems (with the documentation) This is in addition to "rapid rescore", and of course the credit company charges for the fee. This service is mostly used when urgent response is needed.

As far as the scores go, and just based on that information, you can get a loan, for up to 100%. There are a lot of other factors involved in getting approved for a loan, but for the scores aloan you can get the loan.

If you have 5% down, and 2-3 months assets to take care of the total house payment of Principal-Interest-Taxes-Insurance, 2 years job history, you may qualify for a conventional loan at great rates, if not, you can get a loan with either a sub-prime lender or an "Alt-A" lender/program (Alt-A, also known as A minue, are programs that are between prime and sub-prime.

Charles

[Reginaj1977]

We have been trying to resove it through the "DV" process but we have not been successful at this point. There has been no response from the collection agency.