     Ed (Light) | Monday, August 14, 2000 - 07:39 pm 
I would like to buy a Condo in the area of between $55K and $75K, sometime in the next two months. However, I'm worried that I will have problems with financing. My credit history is as follows:
-6 months of good history as a "co-signer" on an auto lease
-past three years(except as above): no credit, either bad or good
-three years and older: lots of "collection" status payoffs (paid all 3 years ago)
-11 years ago: one outstanding $1100 collection (got ripped off by Ballies health club membership "contract") Even though this is 11 years old, it still shows on credit report.
I have 7 months on the job, with 1 1/2 years of similar work before that. I have lived in my current rented apt. for two years.
How am I looking here? Could I qualify for a nicer 7.5 or 8.25% 30 year fixed, type of loan with a "reputable" lender? I have 10% to put down, and can pay closing costs on top of that.
Thanks! |
| Don (Don) | Wednesday, August 16, 2000 - 09:33 am
Have you started disputing everything yet?
My history was probably worse than yours and I got myself cleaned up enough for an 'A' paper. Of course there are also lots of other factors involved.
First, clean up what you can.
Then, pick one prime lender and look for pre-approval, to give you time to find out what else you need to take care of.
Lastly, try not to rush yourself. Time is you friend. |
