Your overall situation is strong. The collection is of obvious concern to you. More often than not now underwriters are requiring collections to be paid if they total over $1500. The older the collection is thew less likely it is thatb the underwriter will call for it to be paid. There are a few options here:.
I would first run it by an underwriter to see if they will call for it to be paid or not. Every situation is different. If the answer is "No" you can try to get the collection removed. Also you can pay it off at settlement and negotiate payment of pennies on the dollar. I would not pay off the collection prior to settlement. I'd be happy to assist in any of these options. I could meet at your home or my office which is on Street Rd in Southampton.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
If you would like some assistance getting pre-qualified for a mortgage, just let me know and I'll help.
All of my contact information is below.
Timothy M. Garrity | REALTORÂ®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
With your income level and lower than average for your income expenses you could qualify for mortgage even with score under 700. I can refer you to several mortgage sources and help you find the home you see yourself living in.
Please feel free to contact me any time.
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-449-1919 x.223
Licensed In Pennsylvania
You sound like youâ€™re in good shape for approval. DTI looks good
We are glad when a buyer does their Homework... Good for you.
If you Choose feel free to call me and I can tour some homes for you.
I think you should have a confidential conversation from here on?
All the Best Sheri Curci, RE/MAX Properties 215-757-2889
It looks like you'll be in good shape to purchase based on what you stated above.
I'd appreciate the opportunity to earn your business and to solidify a pre approval for you.
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Office: 610 622-2212
Licensed by the Pennsylvania Department of Banking
I know many lenders will not be that concerned with a collection that is 5 years old. You may or may not need to pay off the collection, depending on the type of mortgage you proceed with. One of the things we do is a credit simulation to see what the score will likely become if the collection is satsified.
SEE VIDEO: http://realestatemarbles.com/jscordova/2011/03/11/show-me-th ABOUT 1:15 in
I would like to find out your over all qualifications, which would include down payment amount. Have you considered the mortgage insurance options if putting less than 20% down? Do you know you can pay no monthly mortgage insurance, even if you put as little as 5% down?
Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Web Site: edubinsky.ahmcloans.com
If you want to discuss your situation in more detail please call me: 267 738 0886
When you are ready to buy your home after obtaining a pre-approval i will assist you with finding a home.
Realty Mark Cityscape
267 738 0886