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Answers (14)
- raymond morton, "raymorton"
- Contributions:5
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.
- Nathan Wolf, "natewolf"
- Contributions:1825
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.
- Kyle Baird, "Kyle Baird"
- Contributions:72
A good lender in your area would know best your options.
- Nathan Wolf, "natewolf"
- Contributions:1825
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.
- jlowejess
- Contributions:5
ok thanks Nathan. i'm in the office till 5:30 so I will call then if thats ok.
- jlowejess
- Contributions:5
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.
- Nathan Wolf, "natewolf"
- Contributions:1825
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.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
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?
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?
- Nathan Wolf, "natewolf"
- Contributions:1825
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.
- jlowejess
- Contributions:5
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?
- Nathan Wolf, "natewolf"
- Contributions:1825
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. http://www.tonyruff.com -- he's helped clients exactly in your situation. Or you can call me directly via my profile.
- Buddy Frey, "Buddy Frey"
- Contributions:19
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]
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]
- A.G. Reed Realty, "A.G. Reed Realty"
- Contributions:45
I know of a fantastic lender that will be able to help, call me at
[contact info removed by moderator]
[contact info removed by moderator]
- Michael Knutson, "So Cal Expert"
- Contributions:68
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.
I am trying to get a Home Loan and have medical collections.. Please help..
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