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Replies (12)
- Clay Branch, "Georgia Loans"
- Contributions:7835
Will probably not affect you since you have been paying on it for 36 months. Lender will be looking for any new collections ( new as in the last 12 months ).
- Candace Camacho, "CandaceCamacho"
- Contributions:420
- Cal1970
- Contributions:5
Thread does not show the answer to my query.
Hence, I posted a reply - asking for the latest status on this.
Hence, I posted a reply - asking for the latest status on this.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Cal, what is the collection for? Medical, Credit Card, etc or is it a Lien? What is the balance and payment amt?
- steven stewart, "Steve Stewart Sr"
- Contributions:27
It stops being seen as a collection and becomes a debt once you start making payments and once you have 12 consecutive payments it is a sesasoned debt.
Thats a long winded way of say you can qualify for a home loan
Call me
Steven Stewart
- Cal1970
- Contributions:5
Collection for a student loan (private Citbank loan- not government).
I have made 36 on time payments - will be paid in full in 18 months.
Original balance was $28K.
Remaining balance is $10K.
My info:
No liens. No judgments.
3 years on the same job.
$120K / year.
Clean payment history since 9/2009.
No other debts.
Monthly DTI ratio (current credit cards) is around 8-9%.
I have made 36 on time payments - will be paid in full in 18 months.
Original balance was $28K.
Remaining balance is $10K.
My info:
No liens. No judgments.
3 years on the same job.
$120K / year.
Clean payment history since 9/2009.
No other debts.
Monthly DTI ratio (current credit cards) is around 8-9%.
- wayne lancaster, "funds2"
- Contributions:1175
You should be good as long as loan is in repayment and Citi reports monthly payment, balance, payment history.
I would locate a loan officer in your area/state - Professionals tab above- and start the pre approval process which would include reviewing credit report. Good Luck...
I would locate a loan officer in your area/state - Professionals tab above- and start the pre approval process which would include reviewing credit report. Good Luck...
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
You should be fine but why not clear it up before taking on new responsibilities??
- Cal1970
- Contributions:5
If I am qualified - a monthly mortgage is lower than the rent I am paying now --- even before interest deductions.
Home prices have stabilized - if not bottomed out in my area - and I don't have the lump sum to pay it off.
Home prices have stabilized - if not bottomed out in my area - and I don't have the lump sum to pay it off.
- Alan Morris, "NC Home Loans"
- Contributions:4
The simple answer - I would call a loan officer in your area. This sounds like an easy thing to handle, as long as you have decent credit otherwise and decent score, say over 640 middle.
I handle North Carolina but will be glad to refer you to someone who handles your state.
Good luck!
I handle North Carolina but will be glad to refer you to someone who handles your state.
Good luck!
- Michael MacDonald
- Contributions:25
So long as there is a 12 month + timely pay history, you will be fine. The lender must verify the payment history either by writing the creditor or, by getting your 12 months cancelled checks or bank statements showing the consistent, timely monthly payment.
No worries.
No worries.
- Matthew Piehl, "Matthew Piehl"
- Contributions:3
You will have no issues at all qualifiying. You can contact me for details on current rates anytime
Collections Account - Allowed for FHA Loan?
Will this disqualify me from an FHA loan?
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