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.
I would talk to a few more lenders.
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.
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.
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.