First time buyer: Worried about a collection and a late

[TheMatrix]

Hello I will be applying for a mortgage soon(June 2012), with 20% downpayment. I am a first time homebuyer. I have a collection from 2007 that is paid and closed..with Hunter Warfield (could never get rid of it). The only other blemish is a 30 day late with HSBC credit card from June 2011. Myfico score 710-720 range. However the Equifax score on the equifax website is 780. Not sure why such a big difference!.

 

What should I expect. Just worried about this collection. Also if there are any special programs from IL that I should be aware of and use it.

 

Thanks in advance!

Edited May 21, 2012 by TheMatrix

[Brian B The Loan Professor]

Hello I will be applying for a mortgage soon(June 2012), with 20% downpayment. I am a first time homebuyer. I have a collection from 2007 that is paid and closed..with Hunter Warfield (could never get rid of it). The only other blemish is a 30 day late with HSBC credit card from June 2011. Myfico score 710-720 range. However the Equifax score on the equifax website is 780. Not sure why such a big difference!.

 

What should I expect. Just worried about this collection. Also if there are any special programs from IL that I should be aware of and use it.

 

Thanks in advance!

You should be fine - the collections was paid and the late will be a year old

20% down and those scores should get you in no problem

The special programs are usually low or no down - you may find something with a better than market rate but if not dont stress it too bad you will be getting in when rates are at an all time low -

B

[TheMatrix]

You should be fine - the collections was paid and the late will be a year old

20% down and those scores should get you in no problem

The special programs are usually low or no down - you may find something with a better than market rate but if not dont stress it too bad you will be getting in when rates are at an all time low -

B

 

Thanks! this has given me some relief..

[TheMatrix]

You should be fine - the collections was paid and the late will be a year old

20% down and those scores should get you in no problem

The special programs are usually low or no down - you may find something with a better than market rate but if not dont stress it too bad you will be getting in when rates are at an all time low -

B

 

It in fact has not been easy. I recently applied for a pre approval with Wells Fargo. The broker told me they cannot approve me automatically because of the "In Dispute" verbiage on my collection accounts..I followed instructions on another forum to contact CRA's to request the "In Dispute" comments from my reports. EQ and EX deleted the comments, however I am shocked to see my scores dropped by 80 points..I also have opened another thread in Credit forum..can somebody please help..what my options are. Contacting Hunter Warfield is just a meaningless experience..

 

Any ideas..

Edited July 22, 2012 by TheMatrix

[TheMatrix]

bump..

[bartprequalifies]

Until the in dispute comments are rectified it will be difficult for any lender's UW to move forward. It needs to show paid as agreed, closed, settled for less etc.