Can i still get a Harp loan if i have a high equifax score, but low TransUnion and experian scores?

Question

I've had my current mortgage for 6 years and was never late, which I think is the most important aspect for a HARP loan, however my credit is another story. When I lost my job about 4 years ago, I got in a financial mess. I neglected the credit cards so I could pay my mortgage (none of the creditors wanted to work with me), they got charged off. however, earlier this year I disputed them with all 3 credit bureaus, and sure enough they got removed from Equifax which got be a score of well above 700. I have no more open charge accounts. However, I was not successful with TransUnion or Experian. Who knows how they all got removed from one credit bureau but verified on the other two? Well since the charge offs were verified with EXP and TU i may be stuck with them for 3 more years. i pray they do not eventually get back on my EQ report. Getting back to my question, what impact will this have on HARP loan?

Answer 1

According to Fannie Mae and Freddie Mac rules, your credit rating, as you described it, should not be a barrier to a HARP refinance http://www.bills.com/harp-mortgage/. However, lenders can apply stricter rules, called "overlays," than Fannie or Freddie require.



Your ability to refinance is also affected by:



1. Your LTV- some lenders are restricting HARP refinances to 125% LTV (loan-to-value) or less. Others won't take loans with over 150% LTV.



2. Your property type- If you have a condo, it can be more difficult to do a HARP refi than if you own a home.



3.Your DTI- A lender will check your debt-to-income ratio.



Your best step is to shop around for a HARP mortgage. If one lender turns you down, keep looking, because different lenders are applying different standards. Also, if you get turned down, make sure to find out the specific reason you were denied.

Answer 2

Mortgage companies will look at all three credit bureaus. It won't be just a matter of your score, but the fact you have those derogatory items showing that will get your turned down.



By the way, don't breathe too easily over that Equifax score. It is very likely that those charged off accounts will show back up when the creditor next updates or if the accounts are sold to another collection agency. Disputing legitimate negatives never really works. Submitting disputes for legitimate items can get you tagged by the credit bureaus and you will have problems getting real errors corrected in the future.



By the way, the credit bureaus are three totally separate companies. Each have their own system and methods. Not every creditor report to all three. It is very easy for a collector to have missed sending verification to one credit bureau. All the more likely that the debt will show back up on your Equifax report rather quickly.

Answer 3

any score you have is worthless lenders lend 3 lenders 3 scores. no home "equity" loans may be granted to anyone if you have any negatives within the last 2 years. It is very feasable that they will return on the eq report. They come off after 30 days if not verified by law but can be reinstated anytime they are verified