"Married When You were 12...?" Mortgage Credit Counseling

"Married When You were 12...?" That may cause problems in getting a mortgage approval.

Yep, that's exactly what I asked Larry. He and Ginnie are in the middle of purchasing an Olathe home appraised at $37,000 over our contracted price.  Pretty good deal, huh? Not the best we negotiated this year, but this home is the perfect fit for their family of 8.  Yes, I said 8.

We made the offer on the foreclosure, it needs a little foundation work.  We ran whole house and mechanical inspections, invited a structural engineer in to let us know the extent of the issues....With a small investment in repairs, (thanks to a FHA 203K mortgage Loan), we're all good.

We delivered the contract with updates and amendments to the lender for final underwriting.  

"The Buyer has a challenge with his credit", my trustworthy mortgage professional tells me. "These are unusual in that they just popped up."

Not a problem, there are a few unique folks with perfect credit, most everyone else's history reflects the successes and failures of adult life.  Normal stuff.

It pays to use professionals who can also help with credit counseling. If your mortgage lender doesn't do this for you, call me, we'll get you started with THE expert.

"The dates are odd", says Larry. "According to this report, I was 12 when I married my first wife....I guess things didn't turn out too well, we divorced when I was 15! Maybe I should track down my 5 children and find out how life has treated them?"

Problem is, Larry missed his first child support payment, and several thereafter, before he was granted his Kansas driver's license.

Not kidding, his credit report is a huge problem.

Quite obviously Larry was not married at that age, yet the credit bureaus little about fact or fiction, they simply restate whatever has been reported.

RE/MAX sells more homes than any other real estate company.

For a reason...should we talk?

Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards? Email us at RealEstateWizard@DowellTaggart.com

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

Go to our Kansas City Real Estate Website!

View thousands of pages of Kansas City Real Estate Stats