I have terrible credit history, I can still get a mortgage with 50% deposit?

Deal Score0

I pay 5 delinquency collection and a small $ 8,000 car loan credit is about off.Mein 620.Kann I still buy a house if I put @ 500k and $ 300k annual income of 250k per year, s If you please note that all the bad history 2 years ago already. Currently I have no credit card. nothing.

3 Comments
  1. Reply
    whatsupnow
    May 1, 2011 at 11:08 pm

    I would say say if you have regular employment and the mortage is not from a bad company..

  2. Reply
    My Take on It
    May 1, 2011 at 11:13 pm

    If this history is only 2 years old, that is pretty new and not past the SOL. If you have 300k, why not take part of that money and pay your debts off? Even you say they are *small* delinquency accounts. Also, if you make 250k a year, you should be able to knock these debts out in no time.

    A lender is going to be curious why you don’t want to pay off these relatively new debts. 2 years is nothing really. They stay on your report for 7.5 years.

    Pay them off and with your income and the down payment you would probably still have, you would qualify. Most lenders will want you to pay these debts off before they will give you a loan anyways.

    Only way around it? Get an owner who will do a land contract or some other owner financing for you.

  3. Reply
    William
    May 1, 2011 at 11:52 pm

    credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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