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Wondering if there is any hope for a home loan

I got in contact with a loan officer from a large real estate company trying to get pre-approved for a home loan.  The guy spoke to me for 11 minutes on the phone, looked at my husbands credit report, and told me no.  He says the credit report says that my husband has NO credit score, even though he just checked himself a couple of weeks ago and had a 629, and that there was medical bill in collections. Apparently, we had forgotten all about this bill as they haven't sent us anything in a couple of years.  We have gotten our ideas on how to get him some credit history, now we just need to figure out how to get this $5000 medical bill quickly taken care of.  I have 2 questions, first, is there any hope of getting a loan with that on there, and second, is there any way to get that taken care of quickly (and legally!). This company advertises that they work with over 75 lenders to help people get loans, so I don't know if these situations completely rule us out getting a loan, or if the guy just didn't feel like doing any work.  He only spoke to me for 11 minutes.  Any ideas are greatly appreciated!   
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August 23 2013 - Edmond
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Ok, after doing some reading on here, I've read conflicting answers as to whether or not we can get the loan with the medical bill on his report.  And I also came across a couple of people saying that paying the debt will lower his score.  The bill is from 2010, don't know if that information helps or not. Now I don't know if he should pay it or not.  
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August 23 2013
Generally, if you have a bill in collections, you will not qualify for a loan.  I would suggest you contact a credit repair company and see if they can help with the collection and getting the scores up.  At that point you could contact the lender again and see about a pre-qualification.  I hope that helps a little.
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August 23 2013
Call Kurt Swink at Financial Concepts Mortgage, tell him Josh sent you.  
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August 24 2013

A medical collection will not necessarily prevent you from getting a home loan.  It sounds like to loan officer you spoke with didn't want to take the time to put in the due diligence.  I would like to take a look at your situation to see what may be the fastest way to get you qualified for a mortgage loan.  Please contact me if you would like to discuss it.

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August 26 2013
Profile picture for iupswack
When asking MORTGAGE related questions, take the answers from the MORTGAGE expert, not a real estate agent.  When asking REAL ESTATE qusetions, then take the real estate agent's answer.
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August 26 2013
In terms of your collection and credit score the most effective way to fixing your credit score is to pay your revolving credit card balance. After a collection is on your credit, there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score. Also, it seems to me that the loan office just wasn't willing to work with your situation. Luckily, there are lenders like myself that are more than willing to try to help you out. It is always smart to check out more than one lender when shopping around so don't be afraid to get a second opinion.

If you have any other questions or need a loan please contact me through the information on my profile page! Also, if you found this helpful, please leave me a review on my profile page.

Hope this helps and good luck!
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August 26 2013
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Thank you everyone who replied, Zillow is such a great community of knowledge.  After thinking about it, I agree that perhaps that particular guy just didn't feel like doing any work that day. He didn't even know my name when he called me, he thought he was calling some one else!  So maybe we can try this again and find someone who is willing to work with us, and if we still can't get the loan they will have some good ideas on what steps we need to take and when that would satisfy the requirements for the company that they are working for.
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August 26 2013
Per FHA's guidelines that came out Aug. 15th... All medical collections and charge off accounts are excluded from this guidance and do not require resolution... Checked our investors overlays and nothing at this time requiring medical collections to be paid off. So an FHA loan could be the way to go here for you. We can go down to 620 scores with FHA.  Contact me though my profile if you would like help.
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August 27 2013
 
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