I have been paying on them for the last 6 months. I have a repo on my credit. Will this completely stop me from being approved for a home loan?
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Best Expert Answer
The answer will definitely depend greatly on a variety of factors including the type of loan you are applying for (FHA, conventional, etc) and also whether you are in a satisfactory repayment program and can show that in writing. The repo issue is also subject to a variety of variables including how old the repo is, your credit behavior since then, current FICO score, etc. Unfortunately there is no one answer without knowing more detailed information. The bottom line is that the lender needs to see credit patterns that indicate you are a good risk. If these things have happened in the 12 months leading up to the loan application, chances are that you will not be approved for the loan.
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