Help Can I get a loan and How do I go about it?
Question: I have a question for anyone who may have the answer. My fiance and I to be married in may have found a house we are in love with. However both of our credit is less than perfect. WE have one account that is always late and in fact I have refused to pay it for oh maybe six months now. It’s not that we don’t have the money but I was pressured into buy this vacuum cleaner and now I am paying a lot of money for some vacuum that I don’t even like. So I have sort of neglected to pay that bill. I am behind on some other payments but once again it’s not a lack of money its just slacking on my part. So now that you know my dilemma is there any way I will be able to get a home loan? I will pay off and get everything on time about the same time I start sitting down with a lender in the next 2-3 weeks but I just don’t know what to do. Can anyone help? I do not have a “high debt ration” in fact it’s very low. The house we are looking at is right in our price range and even @ a higher rate for a “high risk” purchase we would still only be going up about 150/mo in rent prior the “tax advantage”. The only other input I have is I will have between 3% and 5% cash available for a down payment. The house cost will be about 120..k
Answer: Regarding buying a house with bad credit…
My husband and I just bought a house in November 95. We had also bought a house in June of 92. In both cases the mortgage company gets a FULL credit report on you. They know EVERYTHING. They actually hire a company to search all available credit agencies (not just TRW, but TRW and all others). They found a charge off from an apartment we had moved out of about 8 years ago and, because they put off the walk thru till the last minute, we didn’t have an inspection to prove we didn’t steal the drapes, ruin the carpet or anything else they tried to charge us for!!! We had to pay the collection agency before we could close the loan!! Be up front with your lender and take their advice. The agent you talk to wants your money so they will tell you how best clear up your credit. They have to get the deal approved by a bank underwriter so it’s not just your mortgage company involved. I cannot imagine that they would approve you with an outstanding debt of many months though. Good luck!
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