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Do you have to pay off old collection for mortgage?

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sherakay
Valued Member

Re: Do you have to pay off old collection for mortgage?

Thank you all for contributing! Okay, I feel better about the CO, not great, but better knowing that if I do decide to do USDA, I can be approved. Now my last question is, I started 11/08/10 at my job. Do I have to wait at least exactly 24 months before I can apply for USDA loan? Meaning, I should not apply until after 11/08/12?


Starting Score: Walmart myfico 664 TU Lender Pull 690 EQ Lender Pull 669
Current Score: Walmart myfico 698 TU Equifax- 686 Experian- 692 Transunion- 700 Lender Pull 7/18/12
Goal Score: 720


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Message 11 of 14
rckstrscott
Valued Contributor

Re: Do you have to pay off old collection for mortgage?


@sherakay wrote:

Thank you all for contributing! Okay, I feel better about the CO, not great, but better knowing that if I do decide to do USDA, I can be approved. Now my last question is, I started 11/08/10 at my job. Do I have to wait at least exactly 24 months before I can apply for USDA loan? Meaning, I should not apply until after 11/08/12?



My best guess would be you could apply prior, but probably not close prior...  It takes a while to find a home, so I would venture to say getting pre-approved in like, sept shouldn't be an issue... I am unsure as I went FHA Smiley Happy

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 12 of 14
tifacola
New Member

Re: Do you have to pay off old collection for mortgage?

But Pay For Deletes dont exist anymore!

Message 13 of 14
guiness56
Epic Contributor

Re: Do you have to pay off old collection for mortgage?


@tifacola wrote:

But Pay For Deletes dont exist anymore!


Sure they do.  What makes you say otherwise?

Message 14 of 14
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