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Valued Member
sherakay
Posts: 59
Registered: ‎02-20-2012
0

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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Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

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 :smileyhappy:

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
New Member
tifacola
Posts: 5
Registered: ‎05-06-2013
0

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

But Pay For Deletes dont exist anymore!

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

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?


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