Profile picture for jlowejess

I am trying to get a Home Loan and have medical collections.. Please help..

I am trying to possibly obtain a USDA loan (the property area that i am interested in is eligible and I make the required amount to get one)... My middle score is roughly 690. I do have about $4k of old medical collections on my report.. I was recently denied by New American Mortgage.. Does anyone know of a lender that I can talk to about getting a home loan.. Everything that I have on my credit now is in good standing..thanks for your help :-)
  • November 10 2010 - Charlotte
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Answers (15)

Profile picture for AnnetteBycroft
Hello, 
[spam deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • July 18 2013
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Profile picture for raymorton
Many lenders would still give you as loan, but the collections would have to be paid at or before the closing. If you have no derogatory credit in the past five yeard there is no reason for you not to be able to obtain a loan with a middle score of 690. BB&T, AHM, & Myers Park, have some excellent programs.
  • November 29 2010
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Profile picture for natewolf
By the way, North Carolina Housing Finance Agency still offers up to $8000 Down payment assistance at ZERO PERCENT INTEREST! Plus first time homebuyers also may qualify for up to $2000 ANNUAL TAX CREDITS when applying for the Mortgage Credit Certificate. We can discuss all of these programs if you haven't heard of them before.
  • November 10 2010
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A good lender in your area would know best your options.
  • November 10 2010
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Profile picture for natewolf
no problem. look forward to helping you. it's really not a huge issue, can be resolved. and there's other programs besides USDA if necessary.
  • November 10 2010
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Profile picture for jlowejess
ok thanks Nathan. i'm in the office till 5:30 so I will call then if thats ok.
  • November 10 2010
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Profile picture for jlowejess
wow thanks drew:-) i mean my old medical collections were ones that my insurance missed.. i PAY my bills and thats why i don't have any derrogatory credit in the past FIVE years.. I'm just thankful you are not my agent.
  • November 10 2010
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Profile picture for natewolf

Some medical collections are mounting due to overlimit fees, collection fees, attorney fees, etc. There are ways to ove come these obstacles. With a middle-score of 690, essentially your credit is "fixed" but needs to be cleaned up. Should be able to achieve this goal. Call if you want to discuss.

  • November 10 2010
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Here is your advice: 

1) Fix your credit
2) Then, apply for a loan

IN THAT ORDER.

What I don't get is why it has become an entitlement for people to take on new debt when they can't pay off old debt.

I get medical collections.  I get debt.  But why are you trying to buy a home when you still owe someone else?
  • November 10 2010
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Profile picture for natewolf
No that's not true. Each bank has their own underwriters. You can call me if you want to talk about it. I cannot list my phone number here, but you can click my face and get it from my profile. I'm available until 9pm.
  • November 10 2010
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Profile picture for jlowejess
I used Deanna Slep at New American but my file went in front of a loan committee and was denied.. I was told today that all lenders will deny if one did? is that true?
  • November 10 2010
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Profile picture for natewolf
New American is usually really good about this, and they should be able to work it out. Who is your mortgage lender there? I use Tony Ruff, he's awesome.he's helped clients exactly in your situation. Or you can call me directly via my profile.
  • November 10 2010
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Profile picture for Buddy Frey
Hi jloweless,
I have a lender that actually works with clients to help them fix situations such as this.  I am very familiar with USDA loans (actually have 3 homes listed right now that are eligible) in Cabarrus Co.  Please feel free to copntact me at your convenience:  [contact info removed by moderator]
  • November 10 2010
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I know of a fantastic lender that will be able to help, call me at
[contact info removed by moderator]
  • November 10 2010
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Talk with a reputable credit clearing company in your area. Sometimes they can negotiate a payoff for your collection that is pennies on the dollar.
  • November 10 2010
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