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Academy Mortgage AZ's Advice

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  • 312 Contributions
  • 4 Best Answers
  • 53 Helpful

Academy Mortgage AZ wrote:

Can I get a home loan FHA, etc, with collections?

Answer
The collections you describe do not necessarily prohibit you from getting a loan. Most loan programs will disregard entirely your medical collections.The other collections are addressed differently based on the loan program you qualify with, but there are definitely options for you.It would be a good idea to have a mortgage lender take a look at your full credit report and put together a solid plan of action for getting you prequalified.Jake
September 19
(1)

How likely are my chances of mortgage loan approval?

Answer
I would also speak with a lender in regards to your medical collections. It may have no or even negative impact on your scores to pay those off.Overall you are on the right track, I definitely recommend getting a full preapproval started with a lender to get your ducks in a row.Jake
September 15
(1)

Buy a home (investment property) w/ my mother's money?

Answer
The short answer is that this can be done, legally, with few issues. Documenting appropriately will be important, probably not something that can be fully detailed on a message board. Give a local lender a call, pretty simple scenario for anyone that has been in the business awhile. Jake
August 29
(1)

Financing with a 630 credit score

Answer
Based solely on this information, there would be some options for you. Naturally other factors come into play, but the low FICO would not necessarily disqualify you.-Jake
August 25
(0)

Can I qualify for an FHA Loan if I still have collections? Thank you!

Answer
The short answer is yes, there is quite a bit of policy for FHA loans regarding specifically to collections. You need to have a lender pull a credit report for you to find out your exact position for getting preapproved.
July 30
(1)

Changing mortgage Broker

Answer
It shouldn't be normal, but unfortunately there are a lot of companies out there that don't provide adequate service.If it's been 3 weeks and you haven't heard from the lender that's a major warning sign that you should be looking else where. I recommend talking to a local licensed mortgage banker that is available 24/7 and returns any messages same day.Jake
July 25
(0)

3 year after foreclosure timing

Answer
FHA only requires that loan approval be issued after the 3 year waiting period. So to answer your questions, yes you should get preapproved now and yes you can submit offers right now.Most banks are going to require about a week to close after submitting to underwriting in order to receive initial approval, clear any conditions, send docs for signatures and fund the loan.Your agent will need to submit offers with a COE date no early than August 11-12th range.Jake
June 27
(0)

how long after a foreclosure to qualify for a home loan?

Answer
This depends on the type of loan you are trying to get typically the waiting periods are as follows:FHA - 3 yearsVA - 2 yearsUSDA - 3 yearsConventional - 7 yearJumbo - 4-7 yearsAs is always recommend, you should speak with a lender directly to discuss all of your options.Jake
June 24
(0)

How do I sort the home search to one level so no two story houses show up?

Answer
I recommend speaking with a real estate agent to get an MLS search started. Zillow is a great tool to give you an idea of what is available, but a local realtor will be a much better source for narrowing your search to something specific.
June 10
(1)

VA home loan in Arizona

Answer
As scary as the mortgage world may seem, based on your scenario you're in great shape to qualify for a loan. Do some research on a great local lender and interview a few loan officers to feel comfortable with making your first purchase. Good luck and enjoy your home buying experience! Jake
June 05
(1)
 
 
 
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