Do I qualify for FHA loan?

[JersGirl]

hey, I'm a first time home buyer looking to purchase a home before summer. I will be starting a new job in August and would like to purchase before my employment changes. I am open to any and all suggestions on how to proceed.

Mortgage Credit Scores:  
EX618  TU648 EQ631

1. Credit Negatives: - Medical Collection $413/ Date: 12/11--trying to pfd now

                                            Medical Collection $35    Date 10/12--- Pfd

(I have a collection account with midland credit. It is not appearing on my credit report, but I am still receiving mail and phone calls about this debt, that I know I had previously disputed. Should I pay it just in case?)

                -

7 years of established credit

• Thin credit file( I only have these opened accounts)
• Capitol One: limit 2,000 (late Jan.2015)
• Capitol One: limit 850 (late Jan 2015)
• Credit Builder Loan: limit 2,000 Paid in Full (no lates)

1. Gross Income.  31,000  

1. Source of income-Employment/ salary

1. Monthly debt payments. 
   Credit Cards: $75 month  -HOA/Condo fees. $180( for new home)-Student loans: $100 month

1. Employment
   Type of employment:

• 13 years at my full time job. Three years at my part time. 6 month freelance crafter
• How long have you been in the industry/career field? 13 years

1. Assets/Reserves. 

• Savings-2,000
• Checking-1,000
• Pension-(looking to take a loan from pension for down payment)
• 403b
• Gift possible- 1,000 

1. Location:
   Burlington, County, NJ 
2. Property Description:
   Condo (Foreclosure)
3. Property Value. 
   50K-80k
4. Occupancy. 

Primary residence

• How many people living there- Myself
• Are all mortgage applicants going to be living in the house? Yes

1. Transaction Type First time purchase

[GirlMelanie89]

So your middle score iabove FHA requirements of 620...so good there. 

If you got your collections pfd, your score would be sure to soar! DO NOT pay Midland at all, but before you apply for a mortgage, opt out of prescreen offers so they dont throw it on your report last minute. After you buy a house, you should ask for debt validation and possibly sue them for violating FDCPA. Ive done that before. Based on your info, your DTI is also low. The HOA wont be considered on the fron end. Youre not asking for a high loan amount and on a $80k property, a DP would only be $2,800. i think you have a pretty good chance. Only a LO can provide you with sound advice though. But your on the right track. I would go see a LO and get their insight because they will specifically direct your necessary steps to home ownership!! :-) 

[JersGirl]

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@GirlMelanie89 wrote:

So your middle score iabove FHA requirements of 620...so good there. 

If you got your collections pfd, your score would be sure to soar! DO NOT pay Midland at all, but before you apply for a mortgage, opt out of prescreen offers so they dont throw it on your report last minute. After you buy a house, you should ask for debt validation and possibly sue them for violating FDCPA. Ive done that before. Based on your info, your DTI is also low. The HOA wont be considered on the fron end. Youre not asking for a high loan amount and on a $80k property, a DP would only be $2,800. i think you have a pretty good chance. Only a LO can provide you with sound advice though. But your on the right track. I would go see a LO and get their insight because they will specifically direct your necessary steps to home ownership!! :-) 

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That's great to hear.Thank you. I haven't contacted a loan officer/mortgage broker yet. I honestly don't know how to go about doing all this.I'm new to the game and don't know where to begin. 

[dashpt]

Hello,

How does opting out of prescreen offers prevent a collection agency from reporting debt?