11-02-2012 05:19 AM
I am going to say yes that will probably keep you from being approved. In their guidelines it says they wont consider you if you have an outstanding collection with no payment arrangements. I believe I have read they will looke the other way on balances under 1,000 but I dont think they will on almost 12k
11-02-2012 09:38 AM
You said that you have no late payments more than 30 days--so does that mean you have some 30 day lates on your report? If so, how recent? The car loan will definitely hurt your chances; my understanding is that any baddies over $1,000 must be paid off or you'll at least need a payment arrangement. That's USDA guidelines; but, lenders have established their own, which can be stricter.
11-02-2012 12:09 PM
It depends on the UW. They tend to not like any possibilities of collections such as the repo. Is there an amount showing for the repo that is unpaid? This would be the only problem I can see with it.
11-06-2012 12:03 AM
Okay....Good news underwriter is going to look past repo letter of explanation and service request. Now just waiting to see if the underwriter from investor is going to approve. what do you think?