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Mortgage company that will accept a $10,000 collection

New Member

Mortgage company that will accept a $10,000 collection

We are wanting to buy a house and have spoken to a few leanders which all say with the large collection they would not be able to help us.  We do not want to pay this collection because it is out of SOL.  We also have a couple of very small ones that are like a $200.  Our income is 98k a year with only $315.00 in monthly payments. My husband has been in the same industry for 30 years and we have been married that long.  We were transferred and had to sell our home 3 years ago in order to move.   We are getting up in age so wanting to get this home purchased so it can hopefully be paid off by the time my husband retires.

Has anyone RECENTLY been able to obtain a loan with simular conditions?  By the way we are in Austin, Texas

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Regular Contributor

Re: Mortgage company that will accept a $10,000 collection

I had one for 9k when I first started looking and no one would touch it without a large amount of reserves in the back (6mo - years worth of mortgage payments). Best suggestion I was given was a PFD. I ended up settling it for 1500 and they deleted it which gave me a nice score increase to boot. Plus, I never have to worry about it boomeranging back. Mine was 5 years old.

12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
Each One - Teach One
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