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I forgot to add, as a side note, that I will be going from 212% utilization to 1% by either paying off or having LVNV remove a $1200 collection acct (why is this caculated in my util??) plus paying my CapOne card down to $5.This move will hopefully net me the 20 points I need. Anyway, the big question is to pay or not to pay? I want to app!!
Your best bet is going to be to find a loan officer you trust and ask him or her what they think would be required. Ever lender is different and depending on how old the are and how much they may or may not make you pay them. Wish I had a better answer.
Yes talk to your loan office. for USDA if you have a 640 score they dont make you pay them. I believe FHA they are requiring judgements be paid off in most cases however.. if you are gonig to pay off that one collection as for a pay for delete.. dont just pay it off.. USDA doesnt allow for collections that were paid off in the last 12 month so its definitely something you would want done at the table. Also I thnk even with new construction you can do pay at closing type things for stuff like that.. the preapproval will just list it with conditions.
@jules0580 wrote:Yes talk to your loan office. for USDA if you have a 640 score they dont make you pay them. I believe FHA they are requiring judgements be paid off in most cases however.. if you are gonig to pay off that one collection as for a pay for delete.. dont just pay it off.. USDA doesnt allow for collections that were paid off in the last 12 month so its definitely something you would want done at the table. Also I thnk even with new construction you can do pay at closing type things for stuff like that.. the preapproval will just list it with conditions.
Maybe Im reading this wrong, but are you saying that USDA doesnt allow you to have paid a collection in the past year, but wants you to pay it at closing? Im just curious because I paid a charge off not CA, but am wondering if the fact that I paid it within the last year will DQ me? and it doesnt make much sense to me.