Mortgage Loans

[MarcPA]

Hello I was hoping someone can help me out I am looking to get a home loan in PA.  

My situation is as follows I have a mid score of 646 high of 719 and low of  632 I'm  married but her credit scores are too low. I have no lates over a year but 1 collection account over 2 years old I cannot get removed that they won't accept a Pfd for over 2k. My broker said this may or may not be doable. Question is that because of his resources or am I sol. Any advice would be greatly appreciated. My debt to income is less than 3 percent.

[playboy]

Did you ask the lender why he/she felt that it may not be doable? Your mid score seem fine in terms of what USDA requires. What mid score does the lender require? There could be a number of factors in play such income, collection that needs to be paid, etc. Get more info from the lender.

[MarcPA]

He said a combination of recent late 15 months ago and the collections but I just think he has limited resources and his investors have higher overlays 8 months ago I was mid score 555 and he told me he could get it done over 640 but that it woukd take a year to get my scores up not sure if the lates need to be further out.

[playboy]

I would talk to a few more lenders.

[MarcPA]

Thank you are there any good people in the lebanon lancaster area

[playboy]

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MarcPA wrote:
Thank you are there any good people in the lebanon lancaster area

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I'm not sure bc I don't live in that area.  Try talking to the Wells Fargo types and branch out from there.  It's a start.

[Jaguars28fan]

currently looking at usda options in pa as well.  Your mid score is high enough but I'm pretty sure you'll have to pay off that collection.  Even USDA direct which I went through first, required that and they don't have to go through lenders overlays like usda guaranteed.  What collection account is it?  maybe you can find a cheaper way to get them off.   I had 4 collections removed without paying in full for any of them. 

[MarcPA]

Can I just pay to go under 1k and do arrangement for the rest its a dispute wages saying I owe back commissions that i already paod back I originally offered 25% but no response was told not to dispute again becsuse could hold up process

[Jaguars28fan]

You would probably have to checkwith your LO.  Just from my experience.  The lady from USDA Direct (not guaranteed, which it sounds like you are doing) said that I needed my collections gone first.  They were willing to overlook my chargeoffs, but not collections.  Now with guaranteed, I believe they are stricter.  I think if you're making payments to the collection, then maybe it would count.  I think you'd have  to show atleast 6 months of payments.  Again, your LO would know best.  If they aren't giving you the answers you wanna hear, try someone else... like wells fargo. 

[MarcPA]

I went to a mortgage broker thinking I would have more options but I will explore direct options as well and wells fargo , and fulton bank who I have a relationship with