topic Re: Advice please in Mortgage Loans

Advice please

Anonymous — Tue, 13 Sep 2016 22:56:38 GMT

I am not exactly sure what my scores are at this point because I stopped the monitoring process,(probably high 500s) but in the next two or three months I plan to pay down my two other cards ($500 and $300). I just paid down the other $500 one I have. We are hoping to buy a house next summer and are saving to have around $13,000 for closing and down payment for a FHA.

Once I pay off these cards, I was planning on contacting a mortgage broker to see if they could advise me on how to get approved. I figured it is a hard pull but that would be at least 7 months before we would want to buy. I have several collections, so I want to ask if I should pay them or not. Do you think this is the best way to go about getting approved?

Re: Advice please

DallasLoanGuy — Tue, 13 Sep 2016 23:19:32 GMT

probably depends on how old they are..... if you can execute a 'pay for delete' then i would say go for it.

paying them might not help the score though.

leaving them may or may not affect the mortgage. you CAN close with open collections/chargeoffs.

Re: Advice please

Anonymous — Tue, 13 Sep 2016 23:36:33 GMT

Thank you! So you think talking to a lender would be a good thing , so they can tell me what I should be doing in the next several months?

Re: Advice please

DallasLoanGuy — Wed, 14 Sep 2016 00:09:17 GMT

i always recommend starting early in the process.

credit is good for 90 days.... so a new credit pull will be done later.... but a good loan officer can coach you on what needs to be done

Re: Advice please

Anonymous — Wed, 14 Sep 2016 00:30:50 GMT

Thank you so much!