Posted on: 24th Feb, 2010 10:46 pm
2 years ago we fell into foreclosure for a day. We payed all the lawyer fees and got caught up fast. We never got foreclosed on and we still live in the house. We have 20% down and a clean report since then. Our credit scores are 670 and 720. Can we qualify for a loan now and who do we go through? (Our current bank won't finance us).
Your credit scores are good. Has your payment history been satisfactory since then? If so, you should be ok! What caused you to fall behind?
Some lenders may not finance you but there are others who certainly will. Talk to some other lenders and you will find one who will.
We haven't been late on any of our bills for well over a year. We originally fell behind because my wife was going to school and I was starting a business. My wife has finished school and now works full time as a nurse. I am still building my company but I work full time as well and I have been with the same company for over 2 years. Our combined income is over $100,000 a year. We don't have any debt including zero car payments. What interest rate range should we expect to pay?
Hi Lawn Boy,
Your payment history is good if you have not been late on any of your bills for over a year. You do have an employment history of 2 years and the combined income of you and your spouse is good. Your debt-to-income ratio should also be quite ok, since you do not have any debt. Thus, I think with a 20% down payment and credit scores of 670 and 720, you should be able to qualify for a home loan at a decent interest rate.
You can go for a no obligation free mortgage quote from the lenders in this community and check out what interest rates they offer on the loan. This will help you get an idea about what rates you can expect to get on the mortgage.
Your payment history is good if you have not been late on any of your bills for over a year. You do have an employment history of 2 years and the combined income of you and your spouse is good. Your debt-to-income ratio should also be quite ok, since you do not have any debt. Thus, I think with a 20% down payment and credit scores of 670 and 720, you should be able to qualify for a home loan at a decent interest rate.
You can go for a no obligation free mortgage quote from the lenders in this community and check out what interest rates they offer on the loan. This will help you get an idea about what rates you can expect to get on the mortgage.