Is this loan possible?

gmakerley · Posted: Tue Jan 08, 2008 10:10 am Post subject:

lisa, please do not be "uninformative" - that would be less productive than posting your laundry list again.

at any rate...to get back to the borrower at hand...with 70K available on a $300K purchase, you are in good shape from that standpoint. however, credit scores are important in this market - very much so. most conforming loan products will not be very forgiving of a credit score as low as yours. consequently, your best bet for actually obtaining the mortgage you want is the fha products mentioned already.

waiting to improve your score from 550 to 580 might work, but you need to be intentional about paying off any collections, charge-offs or past-due amounts right away.

gmakerley · Posted: Tue Jan 08, 2008 10:11 am Post subject:

and, oh by the way, any collections, past-dues and charge-offs would need to be paid according to fha guidelines anyway - you may as well do that right now and begin boosting the credit score today.

All times are GMT - 7 Hours
Previous 1 2
Page 2 of 2