Good credit is important in qualifying for
any home loan, although some past credit issues are allowed. Following are some general
guidelines regarding credit qualifying for CalPERS mortgage loans:
- Lenders will look at most recent two years of your credit history.
- You should have no more than one or two thirty day lates in last two
years.
- Outstanding Collection accounts, Judgments and Liens must be paid in
full at application or closing.
- Bankruptcies are allowed if following is met:
- CalPERS FHA Loan - Two years since final Discharge.
- CalPERS Conventional Loan - Four years since final
Discharge. (* possibly three years with exception)
- CalPERS Jumbo Loan - Four years since final
Discharge. (*possibly three years with exception)
- Foreclosures are also allowed if following is met:
- CalPERS FHA Loan - Three years since foreclosure
sale.
- CalPERS Conventional Loan - Four years since
foreclosure sale.
- CalPERS Jumbo Loan - Four years since foreclosure
sale.
- Must have a sufficient FICO score (with exception of FHA loans)
If there are some past credit issues, you may still qualify for a
home loan with sufficient explanations and supporting documents of why the issues
occurred. Never rule yourself out of qualifying for a mortgage loan because of credit,
apply and allow a mortgage professional review your credit.
When you apply for a loan, the we will order a credit report for
you. The credit report will show your record of payments on loans, charge cards and other
similar debts. If you have never had a loan or a charge card, you can show that you have a
good record of payment on your utility bills and rent.
We will review your credit report with you. Should you have some
credit issues that prohibit you from qualifying for a home loan now, we will show you how
to correct the issues so that you we can help you qualify in the future.
The next aspect of qualifying for a CalPERS mortgage is your "Savings", to review please click HERE. |
