trying to get a fha loan with a repo

[Anonymous]

I am trying to get a fha first time home buyer mortgage my credit score is 605 at the moment would i have to pay this off or could I just opt to make a down payment instead. Also can you tell me how old this repo is.

Santander

Status as of Date opened [?] Date of last activity [?] Account number [?] Largest past balance [?] Account Type [?] Account holder [?] Scheduled Payment Amount [?] Industry

Nov, 2011

Jan, 2008

Oct, 2008

XXXXXXXXXXXXX1000

$4,374

Installment

Individual

$317

Auto Financing

Descriptions [?]

• Charged off account
• Auto

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$4,374	Bad debt/collection	$4,057

Seven year payment history [?] 30 days late 60 days late 90+ days late

0 times

0 times

1 time (Oct 2008)

Worst Delinquency [?]

Repossession

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

[boomhower]

That's not going to stop you from getting the loan.  Whether it has to be paid off or not is going to vary from bank to bank and even from underwritter to underwritter.  It's not something we can really tell you.  Given the amount it wouldn't shock me if they asked for it to be paid.  How's the rest of your report look?  The ~600 score is scraping the bottom of what's possible.  If you can get it to 620 your options open a lot and 640 will get you about any FHA lender.

[Anonymous]

We have 2 small loans a furniture payment a kirby vacuum cleaner payment all of which will be paid off by march 1 and a auto payment all in good standing and a old creditcard bill from 200z and a 900 dollar medical bill also from a few years back

[Booner72]

The loan officer and/or underwriter will make the final decision on whether or not that has to be paid.

Hopefully the loan officer will have a sense of what the underwriter will want, so you will know when you apply and they review your credit.

Good Luck!