Some things lendingtree/people are telling me...

[slycat]

I wanted to see what kinda loan i can qualify for so i plugged my info into Lendingtree.com.
Got contacted by mortgageIT and they say i can get around 5.7%...according to my friend thats
a good rate...he says fed rates are at 1.5% so lenders generally take about 4%...making the
lowest rates around 5.5?..

when i was in college i didn't have enuff money to pay tuition so i had to use cc and have a few
collections. these are like 5-7yrs ago. still on my credit report. right now though i have 0 debts.
Lender said they don't matter...and he checked my credit report and gave me 3 credit scores about
me...i don't remember what they are but all 3 are above 700. he said i should have no probs getting
a loan.

so..any home owners/buyers/experts...is the above generally true right now?

 

[RagingBITCH]

Await's Vic's response in 3.....2.......1........ 🙂

 

[fredtam]

Yes

 

[slycat]

Originally posted by: fredtam
Yes

so it all sounds pretty kosher?..no bs? then wtf is all the scare about having
perfect credit before u can buy a house? i tot i was doomed. and 5.7% sounds about right?

 

[fredtam]

Originally posted by: slycat

Originally posted by: fredtam
Yes

so it all sounds pretty kosher?..no bs? then wtf is all the scare about having
perfect credit before u can buy a house? i tot i was doomed. and 5.7% sounds about right?

Well first off you haven't really been approved for a loan. The around 5.7% will more likely be 6-6.5% according to todays bank rates. You said your bad credit is 5-7 years old which means your credit probably isn't as bad as you think. This combined with a decent income, down payment, low debt to income ratio, and time on the job may make you a good candidate for a mortgage.