jblackbu01 Posted June 16, 2006 Report Share Posted June 16, 2006 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?thx Link to comment Share on other sites More sharing options...
firstsource Posted June 16, 2006 Report Share Posted June 16, 2006 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 better2) 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.Charles Link to comment Share on other sites More sharing options...
jblackbu01 Posted June 17, 2006 Author Report Share Posted June 17, 2006 cool, i just wanted to know if i was wasting my time with the whole home buying thing.....thx Link to comment Share on other sites More sharing options...
jblackbu01 Posted June 17, 2006 Author Report Share Posted June 17, 2006 what kind of costs should I expect with a non-prime or sub-prime loan? more points? higher interest rate? how much higher? prepayment penlty?.... Link to comment Share on other sites More sharing options...
jimdiamond Posted June 21, 2006 Report Share Posted June 21, 2006 Spam Link to comment Share on other sites More sharing options...
jimdiamond Posted June 22, 2006 Report Share Posted June 22, 2006 ??? Link to comment Share on other sites More sharing options...
jblackbu01 Posted June 22, 2006 Author Report Share Posted June 22, 2006 spam? Link to comment Share on other sites More sharing options...
timbuckthree Posted June 22, 2006 Report Share Posted June 22, 2006 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. Link to comment Share on other sites More sharing options...
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