mortgage ??

[storminateacup]

Hi Im new to these forums but I have lurked for awhile. I was discharged March of 2006.My husband and my credit scores are 630 and 650 according to annualcreditreport.com.My first ?? is how accurate is this? I have heard they can be 100 points offand that my fico is better .My second question is that we want to sell our house(which was not reaffirmed-whole nother story-my lawyer stunk)but have been paying it.i have 2 good credit cards i've been paying religiously.I am looking to spend around 190,000 on a house.I can put down 40-50 thousand. What kind of chances will I have for a decent mortgage?This will be in Pennsylvania.I will have been discharged a year when we're ready to do this.Thanks for any info.

[FilingOnMyOwn]

You should have no problems whatsoever getting a mortgage, especially you have at least a 20% down payment available or more. Your scores are good enough, but your interest rate may not be that great to start... Probably over 8%.

Also, I have used both myfico.com's fico scores and the fako scores from the credit bureaus. There was only a 5-10 pt difference on each score.

[MTG_BANKER_OH]

Hi Im new to these forums but I have lurked for awhile. I was discharged March of 2006.My husband and my credit scores are 630 and 650 according to annualcreditreport.com.My first ?? is how accurate is this? I have heard they can be 100 points offand that my fico is better .My second question is that we want to sell our house(which was not reaffirmed-whole nother story-my lawyer stunk)but have been paying it.i have 2 good credit cards i've been paying religiously.I am looking to spend around 190,000 on a house.I can put down 40-50 thousand. What kind of chances will I have for a decent mortgage?This will be in Pennsylvania.I will have been discharged a year when we're ready to do this.Thanks for any info.

Your rate will more then likely be in the low 7's, if your scores are in that range and you have 20% down. The problem is the annualcreditreport is not real accurate.

[storminateacup]

which are accurate?

should I look at myfico.com? or is there another way?Thanks for the help!!

[HHM]

You could just apply to a mortgage broker and see what they say!

Even if you know your FICO, you won't really know until you actually apply. Just go to a broker and tell them you are looking to pre qualify for a mortgage; they will run your credit and let you know what your options are...However, ask lots of questions, (including, what was my credit score?). If you have so so credit, even with a good down payment, they will throw a lot of good sounding programs at you, but these "programs" are generally not very good deals.

Incidently, if you don't mind me asking, you are only 6 months post discharge, where is the $40-$50K coming from (I would presume from the sale of yoru existing home, I am just curious).

[storminateacup]

equity

yes.we have about 80,000 equity in my house.i live on long island and bought at the right time. Believe it or not the exemption for NY real estate is 100,000 in a bankruptcy.I was worried we had too much but thatjust shows how insane the prices are here!!We are leaving NY(that has been the plan for 4 years)but didnot expect a bankruptcy to happen .Anyway we will go from owing on a 200,000 mortgage with 8,000 in taxes to a 135,000 mortgage with 2500 in taxes.Big difference!that is if we can get a mortgage