From a previous question I asked about the repossession and getting a mortgage-Updated info
*** Update*** The bank pulled my scores for me and my median is 630. I am wondering if I could get a VA loan, put a little less down and conditionally with the loan use the rest of my savings to pay the derogatory account......who thinks this is feasible??Previous question: I have a derogatory account on my credit report. I mistakenly cosigned for an auto loan and unbeknownst to me the payments were not made the last three months and it was repossessed, the collection is to the tune of around 8k. It has drastically dropped my score from the high 600's to 591. Other than that, my payments are never late and never maxed. Is there anyway to qualify for a mortgage with this issue? I obviously cannot pay that 8k and even if I did, would it matter?by dondon from Goldsboro, North Carolina. 2 days ago by dondon from Goldsboro, North Carolina. Jul 29th 2013
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Most lenders want to see 660 or above for VA loans.. Where most FHA lenders will go down to 620, and some even lower, and they only require 3.5% down.. But keep in mind that it takes more than a credit score to qualify for a loan.. I have had borrowers with 740 scores not get approved.. The real question is how long ago did this repossession take place?? Last month, last year, 5 years ago.. Understand that even though the repossession was "Unbeknownst" to you, it was still your responsibility to pay if the primary borrower did not.. And the lender is within their rights to file and get a judgment against you for the $8K still owed.. Also, certain states have an obligation to notify you before actually selling the vehicle.. in other words, they reposes the car and hold it in storage for 30 to 90 days and notify you of what will be necessary to bring the loan current or pay the balance owed.. if you don't within the allotted time, they sell the car and can come after you for their loss.. and they can file judgment against you for the loss.. if they do file a judgment, you will not be able to purchase a home unless the judgment is satisfied.. if you want to know for sure what your options are, then ditch the "Bank".. and get with a local mortgage broker.. let them look at your complete profile and see what they can do for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Ricardo Cobos (RicardoCobos)
#54 ranked lender in North Carolina - 10 contributions
DonDon - It sounds like your situation is not only unique but it has a lot of moving parts as well. Of course the bank's not going to be interested - but there are plenty of lenders who should be able to make you a loan. However, in your case you will need to pick an experienced lender to help you navigate what will be a very tricky process.
Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions
Good Morning Don~Don...Please contact us at 856-853-1234 or Money@RonWohlfarth.com, to discuss this in private...Thank you Ron
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