[stvgor]

I'm currently leasing my house I'd like to get a mortgage to buy it out right .I don't have a down payment . I wa was told that I have good enough credit score for a 100% loan , but last summer I reified my house in virginia and paid off every thing.car, credit cards etc. so they told me that I don't have any mature enough credit history to get 100% loan. Any one out there know any ways around this or were I can get a loan. I read some were that if some one with great credit history puts me on their credit cards as an authorized user that would get me what I need when the credit cards report to the credit companies . Any one heard about that? Thanks in advance.

[Fr_Chuck]

There is several things, first have you considered selling he house in VA.

Next you get a broker to try and find you a loan. And you don't want to be on anyone else's credit cards ( and they don't want you on theirs)

Next if you can get 85 or 90 percent you try to get the owner to carry a balance.

[DianeV Sr Loan Officer]

im currently leasing my house i'd like to get a mortage to buy it out right .i don't have a down payment . i wa was told that i have good enough credit score for a 100% loan , but last summer i reified my house in virginia and payed off every thing.car, credit cards etc. so they told me that i dont have any mature enough credit history to get 100% loan. any one out there know any ways around this or were i can get a loan. i read some were that if some one with great credit history puts me on their credit cards as an authorized user that would get me what i need when the credit cards report to the credit companies . any one heard about that? thanks in advance.

This is not making much sense to me. You have had a mortgage in VA that you have refinanced. You have also had credit cards. You have a credit histoy. If you didn't, you would not have a score high enough for 100% financing.

If you called me for a loan, I would ask if any of the credit cards were past due or charged off when you paid them. If so, you may need to show 12 months of ontime payments to qualify. But the score business makes no sense in this scenario. Is there any other info you haven't mentioned? Who told you your score was high enough and how long ago? Anything happen on your credit since then?

[stvgor]

Yes I have had 2 mortages in the past plus the house in va is still in my name I sold to a property management firm who is paying that mortgage in till the house sells.some cards were charge offs and past due. Aloan officer with hsb bank told me that info.that wasabout 2 months ago. Even though the mortgage in va is still active it was not old enouch to use.

[DianeV Sr Loan Officer]

How is the house isn't VA still in your name if you sold it? Or are you just having a management co. handle the rents and pay all the bills?

Let's cut to the chase and forget the credit score for now.

Here's the deal... If you still own VA, i.e. the mortgage is still in your name, you are responsible for it. So you have to qualify for any new mortgage plus the VA mortgage with income, credit and assets. I don't know what the deal is with the score being high enough for no down payment? Seems odd to me given there are past charge off accounts that are recently paid off.
Sometimes a lender will want a 12 month history on a new mortgage to show the ability to handle the new debt. That's all I can think of.