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pandora80

Need some advise on what to do with a charge-off and applying for mortgage

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Ok so here is my situation. In Nov 2013 I got behind on my car payments due to unexpected loss of income and health crisis for my SO. In Jan 2014 we decided to let the car go back. The car was financed with Santander. Fast forward to present. I relocated to Atlanta Ga for higher paying position. My SO and children are still in NC till school gets out. I currently own my home in NC and looking to buy a new home in the metro Atlanta area.

 

I reached out to several lenders about getting a pre-approval. I have been pre-approved with quicken loans at 4.125% with 5% conventional on condition the charge -off for repo be paid. The current balance is 7630. I have no problem settling this account however it leaves me with barely any money for down payment. As I am currently supporting 2 households doesnt make for building savings a quick under taking.

 

I spoke with a broker who looked over my credit reports and he feels I should not need to pay the charge off .

 

So my question is , is this something that could become an issue in underwriting? I don't want to get caught off guard half way through the process. With the new mortgage payment my ratios are 25/27 my middle score 640 . My current ratio 7/10

Should I just go ahead and try to settle this account with Santander for less and take the hit with notation or pay it in full or leave it alone. Help lol

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