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will i get approved for a mortgage?


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I’ve worked the same company for about 6 six years. My salary 107k + overtime/bonus. My credit scores are TU618/EX580/EQ587. I have 4 charges off, 1 Citi account with an outstanding balance of 27k, no BKs, no judgements, no liens.

I’m looking for a loan with a max amount of $175k, and I’ll be able to put down around $10k….

Is it possible for me to get a mortgage?


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I will hedge here and say that "probably" you can get a loan.

Possible problems are:

1) your Charge Offs need to be older than one year min and two years is much better

2) Your scores: if you got them from the internet, at any place other than www.myfico.com, they may be lower when a mortgage person runs your credit report.

That being said: chances are your middle score will be over 560. There are lwholesale lenders that have programs where they will lend 95% of the sales price with a 560+score.

So, you either can get a mortgage and buy your home or you are very close to being able to do that.


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From my previous experience buying our home was,

that most lenders don't like to see charge off's.

But they looked better either paid for or very old (4-5yrs).

I got a mortgage for only $95,000 and no money down with my scores between 575 - 650. My income wasn't the greatest around $28k that is why I only got approved for $95k.

So you'll probably be able to with steady job and good income.

Also they'll try to do a ARM type loan and interest only. So watch out for that.

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