Would I qualify for a mortgage

[Anonymous]

Hi,

This is my situation, I am looking to buy a house for 250.000, I have 40.000 saved for downpayment and closing costs. My current credit score is on average 652. The score dropped from 773 to 652 due to a collection in August, its allready been paid though.

I dont have any other late payments, and no debts.

I have been abroad 2 years and thats why I missed the paymet that went to collection.

///Carl

[Anonymous]

I forgot to mention that my income is 100k a year.

[anca21bi]

I think you would definitely get approved, especially if you have a good down payment.

[Anonymous]

I don't see any problem for you to get a mortgage. Though, you'll not get the cream rates... but decent.

[Anonymous]

I have been lurking these forums a while and I thought that the recent collection would disqualify me for one year. I paid same week it was reported on my credit report. The collection was paid in full as soon as I knew I owed the money.

[brownee]

Maybe you could GW them and see if they'd remove it...

[Anonymous]

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audio_cf wrote:

I have been lurking these forums a while and I thought that the recent collection would disqualify me for one year. I paid same week it was reported on my credit report. The collection was paid in full as soon as I knew I owed the money.

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It depends on the lender and the program (conventional, FHA, etc) that you're applying for. Talk to an LO to get a professional opinion. You'd likely have a hard time with FHA with such a recent late, but other programs might be willing to give you a pass on it, especially if the rest of your file is strong (down payment, reserves, DTI, employment, etc).