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Mortgage loan decent credit score dosent always matter?????l

Posted on: 30th Nov, 2006 07:16 am
Hi Guys in a nutshell this is where I am at-13 mo out of discharge chap7-talked with mortgage broker after Br to see where I needed to be- Killed my self to rebuild credit- credit score (626 middle) current with tri merge report from broker- The kicker is I had 1 -120 day late in december of 05 on my first mortgage, (my mortgage co at the time would not take my payment untill my discharge was complete)-(sent back all my checks) as soon as discharge was complete paid them up to date-December of 05-they reported me 120 days on my cred rep for december 05- I paid loan on time till april 06 then had oppertunity to sell home- been renting to date- Found out my landlord has been taking my monthly payments $1500.00 and not making his mortgage payments (Mortgage Skimming i think is the term) (sherrif sale in December) hasent made insurince payments on home etc-Anyway really need a break and dont want to have to find a new place to rent-I thought having a decent credit score would have done it- broker seems to think the year old- 120 will stop lenders in tracks and dont have mush of a chance. Any one heard of a 100% 8/20 or 30 with pmi being approved for this senario? Ideas? I figure I lost my last months rent and 1500.00 deposit- Thanks guys-bws
Hi,

It is really very credible of you to have improved your score to 626 in such a short while after the Chapter 7.

If you ask me you will be able to get a mortgage because of the efforts you have shown in improving your financial stability. You should contact various lenders and discuss your loan requirements.
Posted on: 01st Dec, 2006 12:08 pm
I have a couple of lenders that are very flexible with mortgage lates. If you're still trying to get pre-qualified, please email me or give me a call.
Posted on: 12th Jan, 2007 04:05 pm
A credit score of 620 isn't that bad to qualify for home loans. It is quite possible that you may get a loan but at higher rates of interest. This will actually vary from one lender to anotehr.

But i must say one thing, it's unfair on the part of your landlord to have taken your rent payments and not paying for his mortgage.

As far as 100% financing is considered, I doubt whether you will be able to get such a loan.

A better score would have made it possible. But then I guess you don't have the time to sit and wait till your credit will improve. So, it's better to look out for lenders offering loans at your credit score - there are plenty in the market if you are willing to pay at a higher rate of ineterst.

Good luck!
Posted on: 15th Jan, 2007 04:09 am
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