Hello and thank goodness for these forums. The mortgage process is mucho stressful, and this community is an invaluable resource and tool.
So I’ve been rebuilding credit by paying down three CC to low balances (4% UTI), paying to delete a couple of old colleciton accounts, and generally getting ready to have my credit reports pulled for my boyfriend and I from a mortgage lender.
Then, literally overnight, I get a notice that there is a paid tax lien from the State of Vermont now showing on my EQ and TU files. Filed in 2008, Paid in 2014. So its paid over two years ago and all of a sudden it shows on my report. =0(
We’re seeking a conventional loan of $ 415K.
Stats: our combined income is 170K/year. That income track shows for the past 5 years as increasing.
DTI: front end 8%, backend is about 28%
My credit scores will count, as they are lower than my boyfriend’s. I’m sitting at rougly a 660 FICO mortgage midscore (TU).
I have 4 active TL positively reporting for about three years on car loans and CCs with no late payments.
- one collection that just won’t go away from 2010 for $ 229
- two 90 days late also from 2010 on a car loan since paid off
- one 30 day late on a car loan from 2013 on a car loan also since paid off
- one charge off of $ 130 from a car repair place that i paid in cash, but it still reports. No record of the payment. =(
I can certainly explain the bad 2010 events, as I had a personal event of a pretty tragic nature and was just thrown for a loop for a while. But I’ve been actively rebuilding and trying to get on the credit bandwagon.
Anyone think we stand a shot with the newly added paid tax lein?