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Hi everybody!
I have a collection for about $12,000 from a car that was repo back in 2002. It was with
Americredit they sold the account to Calvary Portfolio. They are both
reporting but Americredit shows zero balance. According to DOLA this account should fall
off in 09/2009. I would like to apply for a FHA loan in March 2009 and I was wondering if
this could be a problem when I apply for the loan.
Thanks for your help.
Hi Shane,
What if my scores are over 620 and I had a late payment on a student loan in November
2006. Do you think I could be approve via automate, assuming DTI is Ok.
I need a 203FHA loan I am thinking on using Wells Fargo.
Thanks,
Yeah you should be OK for automated underwriting, 11/06 is awhile ago. I seem to remember Wells Fargo having requirements on collections up to a certain dollar amount (could be $10k), so be sure to ask before you go ahead with the application.
@anca21bi wrote:
Do you know of any lenders that don't require a dollar amount paid off in collectionsI've been calling lenders left and right trying to find someone that doesn't require $5000 or less in collections. I have a repo from 2004 that is killing me!
Are you calling direct lenders?
Try a Mortgage Broker or a Mortgage Banker.