Profile picture for user396475

I want to buy a new house (will this disqualify me?)

...here s my situation.  I have a condo which I moved out of last year and rented because I needed to be closer to work.  I have no debts other than a modest car loan and the mortgage on the condo (1st and second).  Never been late on my mortgage but did go 30 days on the HELOC while I was suffering through some complications from pregnancy.  Also as a result of complications from pregnancy I had to stop paying one of my credit cards but eventually settled 14 months ago for about 40% of the balance.  Current credit score middle is 700, income over 100K and I have the 3.5% and closing ready to go...do I have a shot?  I'm more worried about the the credit card settlement being only 14 months old.
  • November 13 2012 - US
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Answers (3)

That is not a problem at all. I don't think your issues will even come up in underwriting. I would be happy to help you out. You can look at my reviews then let me know If I can help.

I am licensed in 37 states but not in MD yet. I think we will be soon so it depends on how fast you are trying to do this.
  • November 13 2012
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Profile picture for user396475
Yes I'm hoping a lender will respond also. I'm in MD so any recommendations for good local lenders/brokers will also be much appreciated.
  • November 13 2012
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Profile picture for Connie Klemme
I was hoping to see a reply from a lender.  Hopefully you'll get one soon.  I don't want to attempt to speak for a lender but I would say that you likely will have the best results if you deal with a local lender or local mortgage broker rather than a big nationwide bank.  You most likely want to just contact someone, visit with them and have an indepth one on one conversation about your options.  I suspect you can still get a loan- but you want to know your risks and options and plan your budget etc.
The credit card settlement is most likely going to be an issue that needs explanation and it will come down to whether or not your explanation is acceptable given your other details, for a lender, it's all about calculating risk, and if you are working with local contacts they can look at the info in more detail and make more subjective decisions about risk.

best of luck if you decide to move forward with house hunting.
  • November 13 2012
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