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4 answers

Yes but maybe not that easily (its dependant on what type of default, with whom, the amount, how long for etc...)! You may need to go to an adverse lender if this is the case (a lender that takes more risk but charges a higher interest rate).

Also when using a 100% mtg, remember that you should only get a max 3.5x your income from the reputable lenders. If you are offord more be careful! you could run the risk of not being able to afford your payments.

Go to a local estate agents (Countrywide Group are normally ok) & have a FREE of charge agreement in principle done - try to use someone who is independant or semi independant as they have more mtgs to offer. It should only take an hour & you will have a solid offer of borrowing for the next 3 - 6 months (ish). You will then know exactly how much you are able to borrow & afford! You will then have a better idea of what to look for when searching property or wether you shd stay & build a deposit?!

Good Luck

2007-05-23 23:34:26 · answer #1 · answered by Grantius Maximus 3 · 0 0

That depends on how long ago the default was. Was it a big default - such as an account going to collections? Or was it just a late payment?
If it was a collection account, it must be satisfied or the lender will not loan you the money for the house.
If it was just a late payment, then it should be at least a year old (with no other defaults since). They usually want to see a solid year of on-time payments.
If you defaulted something important like a student loan, the same rule applies. You must get current and stay current for a year...lenders tend to furrow their brows more when they see you default on that as opposed to a cc.
Good luck!

2007-05-24 03:16:35 · answer #2 · answered by YSIC 7 · 0 0

You should be able to; you really need to get a good loan officer working for you who should be able to get you into a program that's right for you. You may want to try to correct your credit first.
There are lots of ways to accomplish what you want but only 1 best way. If you have lots of time and persistence, you can take a stab at it yourself. I believe, however, that your credit is at least on the same level of importance as taxes (which most people have professionally completed). I know of a non-profit company that does all the leg work for you and hopes to improve your score 90 points in 90 days. Check out the credit repair link at www.totaldebtsolutionsllc.com

2007-05-24 01:44:23 · answer #3 · answered by stephen l 2 · 0 0

Yes you can, but you might want to re-think your stradegy. If your "derog" is easy enough to solve, you may want to solve it first. I can give you full detail and talk you through your decision making and give you referrals.
Please email me directly so I can help you without broadcasting your situatuin.
gwynninfaith@yahoo.com

2007-05-24 00:59:41 · answer #4 · answered by Gwynn T 3 · 0 0

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