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          Home Mortgage Help

          Derogatory Credit Marks – How Long Will They Be On My Credit Report?

          Chuck Marunde by Chuck Marunde
          September 4, 2011
          Reading Time: 2 mins read
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          Derogatory credit marks can hurt your chances of getting a home loan approved, and in these times when buying a home and getting your loan approved is no small challenge even if you have great credit, I thought it might be helpful to see a detailed breakdown of what the waiting period is for various types of loans with derogatory credit marks.  Click on this image to enlarge it.

          Derogatory Credit Marks

          Derogatory Credit Marks

          Derogatory Credit Marks – Detailed Waiting Periods

          Enlarge this image and view the entire list of waiting periods for various types of loan.  If your browser opens it with small print that is hard to read, simply zoom in with your browser by holding the “Ctrl” button and hitting the “+” key several times.

          Special thanks is owed to my friends for preparing this detailed list of derogatory credit marks for me:  Eric Gausepohl & Matt Gausepohl at www.SummitLendingServices.com.

          If you do have some of these derogatory credit marks on your credit report, don’t give up hope.  Talk to a sharp loan representative who is knowledgeable, experienced, and professional.  Now more than ever, experience in your loan officer is critical to addressing complex issues that could kill your loan.  Underwriters seem to be looking for any reason to turn the loan down, so pre-qualifying is more important than ever.

          If I can help you buy your home in Sequim, Washington, and get connected with a loan expert who can help you do some pre-qualification work, email or call me.  I’d be glad to help.  Derogatory credit marks can kill your chances of getting a loan.

          Last Updated on September 4, 2011 by Chuck Marunde

          Tags: Derogatory Credit MarksNegative Credit Marks
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          Comments 1

          1. small houses says:
            12 years ago

            Thanks for providing that credit report with the remarks included. It would be easy to feel powerless if these remarks were on your report and just give up. Good to know that some loan officers will not be deterred by these.

            Reply

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