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Ok. We just sold our house and are living with family. We have less then 600 in bills per month and more than enough income between myself and my husband to pay a mortgage on the house we found for $80 (bank-owned). It’s a two family with a waiting renter for the second unit. We have no credit card debt, car payments, etc. Literally, we only have our cell phone bills, school loans, and car insurance for monthly bills.

My credit score is 580 and hubbys is much worse, so we’re going on just my income and credit for the application. The only thing that showed up on my credit that is apparently the only thing holding us back from another mortgage is the 1-30day late and 6-60day late mortgage payments over the past year. (We sold the house because our APR went crazy high and we hated the town we were living in anyway- so we sold instead of refinancing for a 3rd time.

The only thing I’m hearing is that we have to wait a year before we can get another mortgage. There HAS to be something we can do to get a mortgage… considering we have no other bills anymore (paid everything off in the past year) and will have renters income as well.

gmakerley · Posted: Fri Feb 27, 2009 1:47 pm Post subject:

well, it's never fun to be the bearer of bad tidings, but what people are telling you is accurate. your delinquent payments on the mortgage are what will prevent you from obtaining a mortgage at this time. the minimum credit score for most lenders now is 580, and many are increasing that minimum to 620 (we just did). you'll have to work on whatever it is you have left over and hope that your scores increase within that year.

you'll have more luck if you have credit card accounts, or loans, or something that will actually report to credit bureaus, on which you can make regular, on-time payments so as to bump those scores. if you are lacking in such items, your credit scores will take longer to rebound, i suspect.

the 12-month situation is based on the fact that fha loans require that you have a clean record for the most recent year in order to qualify.

Guest

Thanks for the quick reply. However, I'm determined to find a loophole, I know of others that have.

I've been told that some levders are going to be offering different incentives for people to get a loan in my situation (along with 8million others in the same boat). Have you heard anything about this?

gmakerley · Posted: Fri Feb 27, 2009 2:01 pm Post subject:

loopholes? yeah, okay.

incentives? not in 2009 i haven't heard of that.

everyone in the business that i am aware of is going to take a hard look at your track record. your track record indicates numerous late payments within the past year, and that is not going to be much help to you.

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late payments- fair credit- no bills or big debt

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