When looking at a mortgage applicant, lenders look for two things:
1. The ability to repay 2. The willingness to repay You have the ability to repay. You have a good income, you have even saved money for the down payment and closing costs. Unfortunately, your recent history is still not showing the willingness to repay. I realize that you have recently paid many of these items in full. Unfortunately, even paid in full collections affect your credit scores.
I am ready to buy a house, does recent credit matter? An open letter to credit challenged borrowers.
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