Posts: 8,529
Registered: ‎03-06-2010
Re: My questions after reading these forums

basballguy wrote:

I'm not new but i do have questions.  Smiley Happy


I have an income of 95k.  I'm looking to get max FHA loan for my area which is about 270k.  My current scores are below par but I fully expect them to be in the neighborhood of 630-670 (all 3) in the next two months. 


What are the biggest factors considered on the FHA loans (aside from what's generally out there)?  I've read about the disputes.  ( I have a dispute comment on a REALLY old collections account which i don't really have any intentions of paying). 


I've also heard for the higher FHA loans you need a higher credit score so 650ish may not cut it, is that true?  What's the experience there? 


A bit more background, I have no lates in at least last 2 years, 2 autos, 1 cc, no bankruptcy.  1 eviction judgement unpaid for like 500 bucks which i'm debating on paying but its so old i believe it has little impact on my score.  (and stops reporting in 3/13).


I have it in my mind I should be approved based upon credit score and income alone but i guess i'm kinda expecting a reality check here. 


Thanks in advance!

The eviction judgment will put a crimp in your approval.

The fact that it is a judgment is one thing - but the fact it is an eviction judgment is a big thing for qualifying. See if you can settle with the judgment holder - check your state's statutes to see if you can get the judgment holder to vacate the judgment (with payment). I mentioned checking statutes because you might not have a valid reason to get it vacated. if you can't get it vacated then naturally get a satisfaction of judgment and make sure its recorded.