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Credit Report Repair - Home LoansHome Mortgage: Mortgage Loan for Bad Credit - Student Loans Hurt Credit Report Kathy phoned Veracity Credit Consultants after an embarrassing and disheartening meeting at the local mortgage broker's office. She and her husband had spent the previous days looking for their first house, thrilled to be moving out of their small apartment. They finally found the perfect place: A secluded street, big yard, modern kitchen, friendly neighbors... They met with a loan representative about an ARM program, and hoped to get 1.95% for the first year. But when the loan officer pulled their credit reports, there was a problem: they needed a 650 minimum credit score from all three bureaus to qualify, and both of their credit scores were short. Kathy got online copies of their credit reports when they got home, and found that her deferred student loans were being reported as delinquent. Not true! Desperate not to lose financing on their dream home, Kathy phoned Veracity and signed up immediately. Forced into a mortgage loan for bad credit? Paying hundreds more per month due to a mistake? No way! Veracity agreed, and got right to work. Her husband only needed 6 points to hit a 660. However, he was definitely happier with the 681 FICO, as this knocked even more points off their interest rate. Kathy's credit reports were also corrected, and her improved credit score gave the loan package a green light. Just weeks after the initial dismay, they secured their new home. Back to Main Case Studies Page | Previous | Next |
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