i've spoke with the morgage company and credit has already been checked. the prob is medical bills on the report. i was told to fax w-2 form, check stub and a letter of explaination about the medical bills and to make the letter sound good. my concern is i am not good with making letters sound good!! there is one bill for over 5000.00 and 2/3 for around 200-300.00. my income is around 3,700.00 a month, credit score is about 640, no other current house pymt. we're appling for 60,000.00, do you think we have a chance??
can you tell me how to write this letter? what to write? i have no idea where to begin!!
if you would write a letter as if it were one for yourself, making it sound good, that would be great!!
2007-09-24 06:56:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Your letter should explain those unpaid medical bills.
Some good explanations: there's a dispute with the insurance comany; your ex is suppose to pay the kids medical bills; their not your bills.
Bad explanations: I can't afford to pay them; got sick and didn't have insurance coverage ...
If you owe those medical bills, the mortgage company is going to insist you pay off that debt before you get approved.
You might try contacting the creditors and offering to settle for half. Get a written settlement agreement and don't give them access to your bank account. Above all, don't tell them you're trying to buy a house. They will insist on full payment.
2007-09-24 07:43:32 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Don't trust any mortgage company 100%. Always talk to a few different morgage company's. A score of 640 is good. When calling other morgage company, tell them your credit score and concerns. Don't let them pull a new credit report. The more reports you pull, the lower your score will get. If you don't have late payments thats great,but if you do thats ok. You need to feel that the morgage company is working for you, helping you get the home you love. I don' tunderstand why a letter is needed. You have a few bills because you got sick and you are paying them off. How much are you putting down on the home. Also ask for a GFE, this will show you the total closing costs. The home you are buying is $60,000 right?? What did the morgage company tell you your payments are going to be. Also what state are you buying the home in??
2016-04-05 23:09:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In the scheme of things, 60k is not that much for a mortgage. Do not fret too much...they want your business and they will play some games at your expense for their amusement, but after all is said and done...they want your business. There are literally thousands of places to get financing, they all make it sound like they are giving you a break or a chance or some other bs to make you feel thankful that they are going to screw you in the long run. As long as you are paying your bills on time and your debt to income ratio is within their guidelines, you will get a decent rate. If you do not fall into their guidelines, well...you will still get the cash after you jump thru a few burning hoops and do some other things that amuse them, but the rates and terms will be greatly in their favor.
You must: Trust in Capitalism and the American way to achieve happiness in your new home...
Hint: Do not get anything with a variable rate or interest only...get the standard mortgage, fixed rate, fixed terms, fixed everything.
Make sure that they do not keep your pen after you sign away...
2007-09-24 07:22:04 · answer #3 · answered by mecha_nic 3 · 0⤊ 0⤋
Pay the medical bills and then have them rerun your credit.
2007-09-24 08:59:28 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋