CO from 2011

[Sbrooks1]

CO from 2011 due to fall off 12/17 , amount is only 40 - will this stop an FHA mortgage

[Anonymous]

My wife has a charge-off on her report (she was credit checked even though she's not on the loan) and FHA specifically does not care about small charge offs like that. They list it as a debt with a 0 payment. Lender overlay maybe, if you had a ton of recent bad stuff, but no, that should not be an issue on its own.

[Sbrooks1]

No recent-- that's the only baddie - reports list last late 5yrs 7 months and it refers to the CO-- just so scared to actually pull the trigger and get my hopes up😩 In the mean time the trailer park I have been renting in since 5/2009 has now become section 8 housing, and no offense but that scares me !!

[Anonymous]

Call up a loan officer and discuss these things. If you don't like that loan officer, find another. Rinse and repeat until you get someone that you work well with. Get a realtor, they will have lenders that have done well for them in the past.

[Sbrooks1]

Have to wait till Jan --- then will have enough saved in 401 K for down and closing by March. I don't even mind the trailer other than there has been no upkeep over the 7 years but I live alone and have nice car and stuff so that worries me

[Anonymous]

If you talk to a LO sooner rather than later, you will know exactly where you stand so you will be fully prepared in January.