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Condo Refi/good equity/good creidt/$24K loan

I need some help/advice for obtaining refinancing for a private mortgage that I took out in 1/15/10 for a $38K condo.  I put down $18K (which $4K of that were closing).  I had taken a private loan for 2 years due 2012 @12%.  I tried to get a loan then and was told I didn't have any credit history....What?  I didn't realize that because it was a private lender there would be no reporting to the credit bureaus.  I went and got a credit card and have paid it faithfully for the last 10 mos.  I did exactly what I was told to do.  I am not eligible for any govt programs as I am not underwater, pay my bills, and not FHA.  I had to refi in 2012 again with a private lender same terms, ouch, and got a notice from my bank that I was pre-auth for a loan, called BOA, had checking, savings, old home loans with them since '93. Everything was going great I was eligible with all the information I gave them ran credit score ok, then got into me buying points well I asked how much is my $24K loan without buying points, she sez uh.....the same...I thought so..All was fine, I was eligible on all accounts until she could not get me to agree out right to to a higher value, she spoke to supv. and told me ineligible due to not having 3 credit lines for 2 years. Call back later. Click! Condo is in very desirable area overlooking golf course on 6th floor. Can anyone offer any advice? Thank you.

  • August 20 2013 - Seminole
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Answers (1)

Hi Serenajans,
Private party lenders don't have access to report your payment history to the credit bureaus, so the bank must check with them to insure a min of 12 months consecutive payments with no late payments over 30 days. If you have been on time and have the required credit score you should be eligible. It sounds like something else might have been going on behind the scenes and you didn't get the full answer. I would suggest applying with a mortgage broker next time as they typically have more options available to assist you.
Best of luck!
  • August 26 2013
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