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What are my chances of getting 1st mortgage?


Romeol99
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I'm trying to get a mortgage loan with my credit report and I'm very worried.

My mid credit score is 752 but my credit report read 1 charge off in 2002 with Citi. $2,400 was written off but $4,250 currently oweing. Date of last activity was back in 2002.

I heard that any oustanding debt can raise an issue when getting a mortgage, but debt was in 2002 and I haven't took care of it since.

What are my odds of getting 100% mortgage loan with no escrow and low closing cost??

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I don't think you would have too hard of a time getting a loan. It might not be best rate but reasonable. Anything over 2 years old on charge offs can be over looked. It depends on the lender. I am no expert though. You would be best served to post this question in the mortgage forum where the experts are.

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I got my first mortgage with a mid score of 621. As long as your charge off is over 2 years old, you should be ok. Don't hesitate too long though; prices in my neighborhood have gone up 20% since I bought my home and are going up every day. If I waited as little as 6 months longer I wouldn't have been able to purchase my home.

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Edited by kevin3344
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Thanks! Yeah, and that is why I'm trying to buy a house now. The prices here are going up as well. The 2006 appraiser for 2006 already came in. My parents house increased 65,000 this year. THAT'S INSANE!!! I'm trying to buy a house now that I can afford it. Give it 2 years, I'm not going to be able to afford nothing. But back then I was affraid because of my chargeoff. I thought if they still see a balance in that accound they will refuse me.

Thanks for the assistant. I'm going more confident in my credit report now!

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Thanks! Yeah, and that is why I'm trying to buy a house now. The prices here are going up as well. The 2006 appraiser for 2006 already came in. My parents house increased 65,000 this year. THAT'S INSANE!!! I'm trying to buy a house now that I can afford it. Give it 2 years, I'm not going to be able to afford nothing. But back then I was affraid because of my chargeoff. I thought if they still see a balance in that accound they will refuse me.

Thanks for the assistant. I'm going more confident in my credit report now!

That's kinda my question too...

A chargeoff with a balance - for any kind of prime loan, that needs to be paid, right? I've got a few over 4 years old, but still with balances.

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we had a lender pre-qualify us in July and he said 720 is the golden #. our other friend who is a real estate agent is in his 20's. He sits @ 740 and he just bought his 2nd house(he kept his first as a rental property).

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