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 stevesremax
Joined: 12 Feb 2009
Posts: 1
1.51 Dollars($)
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 Posted: Thu Feb 12, 2009 11:57 am Post subject: i am looking for a company that will do a purchase on a 563 |
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| looking for a company that will do a purchase on a 563 mid score |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9776
Location: bloomfield, ct
40.03 Dollars($)
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| Posted: Thu Feb 12, 2009 12:25 pm Post subject: |
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steve, please don't post the same question more than one time.
as for 563 scores, the only way you're going to find a lender in this environment is one with hard money, if at all.
563 is only 17 points away from the new minimum for fha - why not postpone things until those 17 points can be achieved? that's by far the best bet at this time.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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kingno1
Joined: 25 Apr 2008
Posts: 56
20.18 Dollars($)
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| Posted: Fri Feb 13, 2009 1:02 pm Post subject: |
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Hi George, I see you as a loan officer. Quick question for you..
This is what is shown on my credit report after a short sale 2 months ago. How is this being interpreted for giving a loan when I go for a loan?
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Experian: Status: Paid,Closed/Current, was past due 120 days.
Equifax: ING DIRECT
Show Details XXXXXXXXX 07/2007 $0 01/2009 $0 PAYS AS AGREED $ |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9776
Location: bloomfield, ct
40.03 Dollars($)
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| Posted: Fri Feb 13, 2009 2:07 pm Post subject: |
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frankly, short sales are only going to be showing up on credit reports recently; so i've not much experience in seeing that. nevertheless, let me give you my estimate of how to view it (at least how i will view it).
certainly, the report of "past due 120 days" is not favorable. you'll have explaining to do with any lender who takes a look at you in the future. whatever took place to cause this, you'll want to be sure you have good, solid explanations and documentation to back them up. as for the equifax report, that's a whole lot more favorable. you won't have to explain that rating, i guess. did trans union not show the loan?
i think your solid explanation, combined with the fact that you were able to sell the home and not have to suffer foreclosure or collection action, will serve you well. of course, the underlying credit score is going to be the most important part of your credit profile when you next aim for a purchase.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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