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    oneluv4cp's Avatar
    oneluv4cp Posts: 1, Reputation: 1
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    #1

    Nov 13, 2007, 09:45 AM
    Credit regarding Real estate
    My wife and I are thinking of buying a home. The realtor checked my credit and said that there should be no late payments for a year. Is this true? If so, do you think the company will remove the late payments off the report? He also stated that anything over $5,000 that was charged off would have to be discussed at the table and anything under that amount could be passed along? Never heard this either. Please assist.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Nov 13, 2007, 10:00 AM
    Hello one:

    No, I don't think they'll remove the late pays. In addition, if you have ANY charge offs, I don't think you'll get a mortgage without a significant down payment.

    I also have no idea what he means by "passed along". Passed along to WHO? Tell the realtor to stick with selling houses, and leave the lending to the banks.

    excon
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