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What are the chances of being approved for a mortgage loan?

1 10 January 25, 2018 at 03:57 AM in Finance (4)
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I want to know, What are the chances of being approved for a mortgage loan when your credit is perfect except for one auto repossession?

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Joined Jul 2012
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#2
there are a lot of details missing, including income, debt, how long since the repo, etc.
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Joined Jul 2005
killroy was here
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#3
go in for a pre-approval. it is a hard pull on your credit report but you'll need it if you are looking. no one negotiates with people who aren't pre-approved.
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Quote from BiGspendr
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Stick a milk bone us ur ass, and let the dog eat it. Works like a charm! http://i.slickdeals.net/images/smilies/emot-LMAO.gif
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Joined Nov 2006
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#4
Quote from MarkSmith09
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when your credit is perfect except for one auto repossession?
I feel like this is saying like "when your criminal record is perfect except for one felony".
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Joined Feb 2004
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#5
Quote from tresh
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there are a lot of details missing, including income, debt, how long since the repo, etc.
Quote from dayv
:
go in for a pre-approval. it is a hard pull on your credit report but you'll need it if you are looking. no one negotiates with people who aren't pre-approved.
this and this.

Getting approved is only part of the equation, too. The other part is the rate on the mortgage. 4% is a lot different than 6 or 7% say, and will be a factor in how much you can borrow comfortably. That's why a pre-approval (not pre-qualification) is important, as it will give ballpark figures for a lot of those things.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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Joined Sep 2007
California
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#6
In this economy I don't think anyone would get turned down, we are setting it up for another crash, remember when people who worked at mcdonalds were buying $600k homes? yeah.
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#7
whats your credit score, have you 20% to put down,whats your last 2 years tax returns,
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Joined Nov 2009
Old Hippy & Mortgage Pro
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#8
Quote from MarkSmith09
:
I want to know, What are the chances of being approved for a mortgage loan when your credit is perfect except for one auto repossession?
Unlike a short sale or home foreclosure, an auto repo alone will not preclude you from qualifying for a home mortgage. However, the time frame and how this has affected your credit score and if there is a Public Record (i.e. judgment) against you may compromise you qualifying for the most competitive loan products and rates (and/or be costly to satisfy the judgment, if applicable) .
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-Adam
Old Hippy & Mortgage Pro
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