@EAJuggalo wrote:
I have a loan program that requires judgements be paid off for a year. Can I do everything else in the process and close at the one year mark or do I have to wait until the one year mark to start the process?
If it matters it is a Native American Sec. 191 loan.
Hi @EAJuggalo,
Here are the guidelines for the Native American Section 184 loan.
Judgments, Garnishments, or Liens- There must be at least 2 years between a judgment, garnishment, or lien entered against the applicant and the mortgage application. After the two year seasoning period, the applicant must show evidence of payment in full for at least 12 months prior to the date of application. In addition, the applicant must furnish a written letter of explanation and must have reestablished good credit.
Unfortunately you'll have to wait to start the process until after the judgment has been paid off for at least 12 months.
This is the only program (as far as I know) that has this requirement so you may want to check into other options like FHA or USDA.
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