02-07-2013 06:50 AM
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.
02-07-2013 07:33 AM
02-07-2013 07:54 AM
02-07-2013 08:04 AM
I would talk to a few more lenders.
02-07-2013 08:28 AM
Thank you are there any good people in the lebanon lancaster area
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.
02-07-2013 08:52 AM
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.
02-07-2013 09:14 AM
02-07-2013 10:24 AM
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.