Posted on: 15th Dec, 2009 10:51 am
We are trying to get into a smaller home with much smaller mortgage, but have some credit issues because of the big home/big mortgage we are in now. Can I find a loan with a 571 middle score? The income would be more than sufficient, it's just the credit issues stemming from 3 difficult months this past summer.
There ARE a few lenders that are going lower than 600 for an FHA loan. will all depend on your scenario and your state.
How do I find the ones that might be willing to do a loan for us? We are in NC.
if your 571 is resulting from any lates on a mortgage within the past 12 months, you're likely not to be looked on favorably, i think. mortgage lates will usually make someone persona non grata with lenders.
One 30 day late on the mortgage and a few revolving credit late payments last summer, so it's very recent. Sounds like those 3 challenging months will cost me dearly.
let's hope not, but don't be surprised. be sure you can document everything that you can imagine might be asked of you.
How do I find someone to even try? Won't canvasing different lenders knock me even lower?
if you avoid having creditors pull your credit report outside a 14-day window, then it will have no effect. credit agencies have built in this 14 day period to allow for rate shoppers.
Any tips on finding a lender who may be willing to do this? We live in North Carolina if that helps.