FHA NEED HELP

[Anonymous]

DOES FHA REQUIRE 3 MONTHS RESERVES?

[Anonymous]

No but it helps

[DallasLoanGuy]

there is no reserve requirement

[Anonymous]

so this is a lender's request?  i guess i should shop around. he gave me a 6% interest rate does this sound normal?

[ShanetheMortgageMan]

Perhaps you need the reserves to get qualified.

[Anonymous]

THANKS SHANE YOU ARE EXACTLY RIGHT. I SKIPPED THAT PART HOW DO I MARK THIS SOLVED?

[Anonymous]

I'm trying to get a home loan. when I intially started this quest my equifax score was a 483 on 12/2008. In Feb 2009 355, March 2009 362, 3/12/2009 603. I was intially shooting to achieve a 580 which was the rate for a FHA loan. As of last week it went up to a 620. I've paid off three accounts my Conns account, Capital One credit Card, and Macy's credit card. In addition, I've paid off a collection debt that was recent for a total of 889. And two other collection account in which I settled for far less than what was owed. I'm still waiting for capital one to report.

My question is now what do I do now.

I need help in paying off a medical collection on my account. I've read the HIPPA ACt but do not fully understand it. I am willing to pay this account because it is fairly nw. First reported in Nov of 2008. I'm trying to buy a house and would love to increse my score. I've called the collection agency in reference to this account and asked if the doctor would be willing to accept a settlement of 200 dollars versus the 348. They told me they would present this offer to the doctor and call them back in three days. Is this a good move, or should I pay the doctor directly and then ask thim to remove the collection under the HIPPA ACt.

Message Edited by charlene24 on 03-13-2009 06:34 PM

[Anonymous]

I would highly recommend the Rebuilding Your Credit board for these questions.  There are some experienced folks over there that can help with the HIPAA process.  Additionally, don't pay any more collection accounts until you do some research.  Paying alone won't help your scores any.  You need to negotiate a pay-for-delete in writing, where they state they will remove the account from your report if you pay, before you send any money.  Good luck!