Will mortgage lenders turn me away for past/delinquent payments, but score is excellent at 762?
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My credit score is currently 762/Excellent. Although a biggie, my only default is from two years ago which was a delinquency on my mortgage and it was past 120 days of payment. This was due to a divorce and my ex-husband and I had to short sale the house.
I currently have no debt, but do utilize my credit cards often, and I pay them off every month. I am now where I really want to purchase a home and I feel somewhat confident because my score is so good; however, I’m not sure if any lenders will consider me because of the one and only mortgage delinquency still showing on my report (only two years have passed since the short sale).
My main concern/question is: Can my 762 score trump the delinquent past payments? Remember – EVERYTHING else is excellent/perfect on my report. Plus, I have been at the same employer for 25 years. PLEASE ADVISE. Thank you very much.
Most likely – YES
Although a 120 days late payment is considered serious, as you’ve mentioned it’s the only black mark on your report. The fact that it is already 2 years old and the reason you’ve “earned” it also stand for you, showing that you DO behave responsibly, and this is what mortgage officers like to see.
From my experience you stand a good chance to get approved, but the only way to know for sure is, well to try…
If the first lender will not approve you, simply go to another one. By the way, it’s a good idea to shop anyway, even if the first lender approves you.
Please come back and tell everyone how did you do.
All the best…
Thank you very much for the quick reply/answer. Your reply makes me hopeful again. I will certainly keep you updated. Also, I appreciate the advise regarding shopping around for other lenders. Thanks again, and talk to you soon. Sincerely, Chris
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