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De we qualify for a mortgage?


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People-

In 1997 my wife and I filed BK. Since then we have had very good credit.

Problem is I live in a small town where my bank doesnt report our mortgage and car payments to the credit beaurau's :oops:

We are moving to a large town and our scores are slowly improving. We have since got a couple credit cards that are reporting. Our scores are mine 630 and hers 670 with a combined income of $105,000 which is very high for my state.

I just dont want to sell my curreent home and move to a large city 4 hours away and find out we dont qualify. Should I go with someone like Wells Fargo, Bank of America or who? I called and spoke with a Bank Of America lender, he pulled my CR and said i would qualify for a loan with 3% down, but I found that hard to believe :shock:

THANK YOU in advance.

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Look out - Don't ever allow someone to pull your credit based on a PHONE conversation.

In this case the Loan guy/gal is right you probably would qualify for 3% down at A credit rates.

Unless of course you call 2 more loan guys/gals and let them pull your credit. You lose 7 points for every credit pull you authorize. Then you'll be under the magic 620 score and you won't qualify for A credit anymore.

Don't go with a big national company... Go with a reputable broker who will shop a rate for you, you'll end up getting the mortgage from a big national company but you usually will have been able to secure the best rates and terms as a result.

The moderator Charles is a Loan Guy who comes highly recommended you may want to contact him!

Good luck,

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Im a mortgage broker and can tell you that with the credit scores you have and the amount of income you are making yu should be able to qualify for a number of different loans. Fanni Mae has a loan calleda FLEX 100, which allows you to put no money down. You can choose from a 30 or 15 year fixed and either a 3/1 or 5/1 ARM. However, you will pay MI and depending on your credit grade in FNMAs DU it could be quite high. In some cases a loan from a subprime lender may actually have a lower payment, and carry a better tax benefit than the FNMA loan. Another option may be a FHA loan.

One thing to keep in mind is this: Good brokers always provide you with everythig in writing. They should give you a breakdown of what you are approve within 3 days of you making application. Read everything over and ask questions. A good broker will have nothing to hide and will answer anything you ask.

Good Luck

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Look out - Don't ever allow someone to pull your credit based on a PHONE conversation.

Unless of course you call 2 more loan guys/gals and let them pull your credit. You lose 7 points for every credit pull you authorize. Then you'll be under the magic 620 score and you won't qualify for A credit anymore.

Don't go with a big national company... Go with a reputable broker who will shop a rate for you, you'll end up getting the mortgage from a big national company but you usually will have been able to secure the best rates and terms as a result.

Definitely don't listen to the salespereson at the big mortgage outfits that advertise on the radio, etc. when you call to ask for info about advertised rates, etc. and they ask repeatedly for your social security number so that they can pull your credit. They will tell you emphatically that it will be a "soft" inquiry and won't affect your FICO score. These salespeople are just that, salespeople, and they will tell you anything in order to get your social security number so they can pull your credit. It is a hard inquiry and it will ding your FICO score. If they can't answer your general questions without pulling your credit report...or won't go with a faxed copy of a report that you've recently paid for...then you don't want to give them your business.

I recently refinanced and so a word to the wise. If you go with a broker, which can be a good thing, your loan is shopped around. I had four mortgage inquiries from 11/17 - 12/09 and each one resulted in a ding to my FICO score. I subscribe to Equifax 3-in-1 Score Watch and it pained me to get that dreaded e-mail that another inquiry had hit my report and that my FICO score had taken another hit. :? I read somewhere (perhaps on this site?) that any mortgage inquiries within a 30-day period count as just one inquiry, but that wasn't the case for me.

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