How long before I can get a mortgage

Guest 0.10 Dollars($)

Over the past year I was always paying my mortgage 30 days late. I just got everything up to date. I was never late on my 2 auto loans and my other house I only had 2 30day lates. I wanted to see what my chances are of getting a loan to purchase a house, I would be selling my home I live in and moving into it. The house I am interested in getting in the future is appraised at about $225,000 and the purchase price is $160,000. I was late due to a work injury and after it happened I was always 1 month behind. My credit scores are about 580 and I have a few things that shouldnt have been on there at all.

Thanks,

brian1 · Posted: Thu Jun 26, 2008 6:55 pm Post subject:

12 Months of clean credit should do it. You may get an FHA loan with a solid letter and documentation showing that the lates were due to an injury and time away from work but I wouldnt put any money on it.

Good Luck
Brian

smckaybiz · Posted: Fri Jun 27, 2008 2:33 am Post subject:

I agree Brian. With most lenders tightening up their underwriting guidelines it is much harder to get any kind of loan with recent late payments showing up on your credit report. What about these items that shouldn't be there heinzman99? Have you disputed them through the credit bureaus and do you have proof back your claims? This may help to boost your credit score!

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Guest.

Welcome to the forum.

I would suggest you to improve your credit first. The lending criteria have been tightened. So you may not get loan with such low score and even if you get the rates and terms will not be very favorable. So make all your payments on time. That will help you to improve your score.

Feel free to ask if you have any more questions
.
Best of luck,
Larry

gmakerley · Posted: Fri Jun 27, 2008 7:59 am Post subject:

i am in agreement with brian and scott here as well. there is an outside chance that with the appropriate documentation and an exemplary explanation letter you'll be able to find a compassionate lender to help you out in the not-too-distant future.

in the meantime, ensure that you stay on top of all of your obligations.

Guest 0.10 Dollars($)

The few things that shouldnt be on there was after I got out of the army my unit was deployed and I wasnt taken off that list and was charged for life insurance and didnt know about it till I got my tax refund back, its listed on there late month after month till it was paid with my income tax. Then I had 2 doctor bills on there from 91 and those had to have been paid as I have had 3 mortgages since then, I just dont have the documentation after all these years

gmakerley · Posted: Fri Jun 27, 2008 2:28 pm Post subject:

most lenders are not going to be impressed due to the delinquencies recurring over time.

honestly, working to improve your scores as best you can, while waiting for a while, will do better for you than an explanation at this time (in my opinion).

you might find a lender who can grant a mortgage now or in the near future, but you'll find yourself paying a higher rate than you may be used to.

this was me! i got logged off

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