Should I go with another lender?

[Anonymous]

I see a lot of people went with lenders that are able to tell them exactly what to pay. My lender said that my middle score was 600 and I should be ready to apply in a couple of month. She set me up with some guy that charged me $60 to get me the points. He said that he is not disputing anything but requesting full investigations because he can clearly see incorrect reporting and it will be rather easy to clean it up. It is frustrating because if she could have just told me exactly what would give me the 20 points, I could have had it done by now but now I have to wait to see what comes out of what he done. She also said that this will help me not to have to pay charge offs. She said that she isn't worried about them since they are over 2 years old but she said that since they amount to over $2,000, I will. Should I try another lender?

[Anonymous]

Also are there any lenders in SC that does not require charge offs to be paid for FHA?

[kc0039]

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@Anonymous wrote:

I see a lot of people went with lenders that are able to tell them exactly what to pay. My lender said that my middle score was 600 and I should be ready to apply in a couple of month. She set me up with some guy that charged me $60 to get me the points. He said that he is not disputing anything but requesting full investigations because he can clearly see incorrect reporting and it will be rather easy to clean it up. It is frustrating because if she could have just told me exactly what would give me the 20 points, I could have had it done by now but now I have to wait to see what comes out of what he done. She also said that this will help me not to have to pay charge offs. She said that she isn't worried about them since they are over 2 years old but she said that since they amount to over $2,000, I will. Should I try another lender?

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It depends on what our Automated Underwriting System states. Some state they should be paid off if they are a certain amount, some state they shouldn't be paid off.

[ShanetheMortgageMan]

FHA doesn't require charge-offs to be paid, but non-medical collections totalling $2k or more either need to be paid off, payment arrangements made (and the payment included in the DTI), or 5% of the balance is included as payment in the DTI.

As kc mentioned, some lenders can have overlays on top of FHA's guidelines that could require charge-offs and/or collections to be paid.  Ask your loan officer what their guidelines are.