05-22-2012 06:26 PM
once you overcome the hurdles of making your reports sqeaky clean for the last year and hereon, (i agree with previous poster, about going to rebuilding forum and reading everything you can and learning how to rebuild) then you need to start gathering documentation. read everything you can about qualifying for fha loans and get an idea of what lenders require.everything needs to be verified and documented and pretty much the only way is through a paper trail. bank account statements, tax returns, w2's, paystubs,cancelled checks,letters from creditors, explanation letters, the paperwork will be astounding. you have a big job ahead of you, i don't think it's an impossible one, but it will require an enormous amount of work on your part.
I don't think its an enourmous amount of work at all.. he has comparable salary, and comparable wages to me, and is probabaly in a better situation than I started actively trying to get ready to buy a house, which was a little over a year ago.. I got my score up to over 700... you will be able to get there if you hit the repairing fine..
I think this wording is a little intimidating... sure, all that documentation IS needed, but it really isn't that much work if you keep records... i don't think it is enourmous at all.. it will take some effort and time, but a years time? you can EASILY make this happen is a year...
i'm not trying to send out intimidating words. maybe my use of the word enormous was not the correct word to use. a lot of people have hurdles when buying homes including myself, and i think you have to be realistic about about your own individual situation.op stated that he/she has 120, 90 day lates, and a couple of other bad marks. it IS alot of hard work to get that removed/settled. i don't dare crush someone else's hopes and dreams of homebuying. but i like to be honest too.
Oh -- I am not disagreeing with you on that. I was merely pointing out OP mentioned a year from now, and those late payments will age out of the damage zone for the most part.. With OPS scores where they are, and those lates aging older than a year, as long as the debt is paid on any outstanding collection account I didn't see any reason why OP couldn't qualify for an FHA loan..
This question is for Scott. I have a collection that is close to 3 years old. I would like to qualify for a FHA loan. You state that negative items need to be at least a year old. I'm confused about this. Do I need to pay the collection acct, even if it's past the 1 year? Thanks in advance.
Depending on the type of loan you are applying for and or underwriter will determine if you will have to pay off the collection.
Ok. That makes sense. Thank you.
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