I want to stop renting and get a house but I have a judgement on my record which I guess makes it impossible. I know there must be a way but how? Any affordable options? I am in the chicago suburbs if that helps. And my credit, according to one bureau is sub 650. Thanx.
2007-03-26 02:59:47 · 4 answers · asked by rand217 2 in Business & Finance ➔ Renting & Real Estate
One judgement won't kill you unless it's huge and unpaid.
Don't assume it'll make a mortgage impossible; perhaps just a bit more expensive.
If you haven't already; Pay it off. Paid judgements are much simpler to deal with than open ones and help to repair your credit faster.
2007-03-26 03:04:31 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
It depends on the type of credit report that was pulled for your pre-approval. Ordinarily, a full mortgage credit report gets information from all three major credit bureaus. If that's what they pulled, there shouldn't be a need for another one, provided you close within 30 days of the report. If you're concerned about something popping up on your credit AFTER the report was pulled, that's a different problem. When you sign the documents at closing, you will sign a typed form of your mortgage application that will include language by which you swear that nothing important has changed from the time you applied. If this is the concern, fess up to your loan officer. The loan officer is motivated to get your loan closed. Lots of them don't get paid unless your loan closes and all of them want repeat business and referrals. The loan officer will give you an idea whether the changes are important enough to disclose and, if so, how to approach it in terms of the correct wording.
2016-03-29 08:10:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How far below 650 is my question. Also how old is the judgement. As long as it's not in the last 12 months you should be fine.
You can visit http://www.fivestarsmortgage.com/bad-credit-mortgage/ for some basic information.
Or http://www.fivestarsmortgage.com/contact-us/ if your ready to get started!
2007-03-26 03:10:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Steven,
I can help ypu get a mortgage. Just shoot me an email to msmith@premierloangroup.com, and we'll see what we can do!
Marty
I AM A MORTGAGE BROKER LOL
You can get a home as long as you're score isn't sub 580, just shoot me an email and I'll give you the details.
2007-03-26 03:09:37 · answer #4 · answered by Anonymous · 0⤊ 1⤋