Mortgage lenders determine your borrowing grades using several factors including:
A+
Excellent Credit
- existing mortgage must be current
- no late payment in the past 12 months
- reestablished excellent credit with more than 24 months in bankruptcy discharge
- no collections, charge-offs, judgments or tax liens over the past 24 months
- stable income and verifiable
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A-
Good to Excellent Credit
- existing mortgage is not more than 30 days late in the past 12 months
- reestablished excellent credit with more than 24 months in bankruptcy discharge
- no collections, charge-offs, judgments or tax liens over the past 24 months
- stable income and verifiable
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B
Good Credit
- 1 late payment on existing mortgage in the past 12 months (less than 60 days)
- reestablished good credit with more than 18 months in bankruptcy discharge
- no collections, charge-offs, judgments or tax liens over the past 24 months
- stable income and verifiable
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C
Past Credit Problems
- late on current mortgage in the past 12 months (maximum 90 days delinquent)
- 12 months since bankruptcy or bankruptcy filing
charge-offs and collections
- stable income and verifiable
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C-
Significant Past Credit Problems
- delinquent on current mortgage payment in the past 12 months (5 payments due at time of funding)
- not currently in Chapter 7 bankruptcy discharged
charge-offs and collections
- stable income and verifiable
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D
Bad Credit Problems
- delinquent on current mortgage payment in the past 12 months (more than 5 payments due at time of funding)
in foreclosure or bankruptcy procedure
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Don't delay and put yourself in a bad credit situation. Give us a call or fill out our form and let the experts at North Country Mortgage Banking help you.
