Financing in Georgetown>Question Details

Eubankshower, Home Buyer in Houston, TX

In Texas can we get a loan with little down and a large ($5000) collection account on our report. This collection is out of SOL for collecting the

Asked by Eubankshower, Houston, TX Sun Mar 17, 2013

debt but still with in the time frame to report to credit agencies. Our FICO scores are 674, 618 & 652.

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Write to me on the company contact email address so that more information on the loan can be given to you okay. (
0 votes Thank Flag Link Sat Sep 28, 2013
Hello robot.... what did that mean?
Flag Sat Sep 28, 2013
Yes, it is a possibility. Your FICO scores need to be done by the Lender since Consumer FICO reports and Mortgage Credit Repository FICO's now use different scoring criteria. FHA does allow certain collection to be set aside up to $5000. You also want to work with a Lender who can provide UPFRONT loan approval and self-underwrites with the ability to make an individual credit approval decision. My company is MOVEMENT MORTGAGE. We not only review your credit file to see if we can assist in enhancing your score, we will fully process and UW your mortgage application in 7 business days WITHOUT having selected a property.

Complete online application and collect your credit application documents: 2 years Tax Returns with W-2's including all applicable schedules and attachments, Current Paystubs covering one month, Bank Statements covering 60 days, and credit explanation for derogatory account with any available supporting documents. I answer all Applications in 24 hours. If you want to get more information email me at
0 votes Thank Flag Link Fri Sep 27, 2013

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0 votes Thank Flag Link Tue Sep 24, 2013
You really need to find a lender or broker to take a look at your entire credit history and see where you stand. Depending on the age and type of collection it may or may not need to be addressed. You may also need to settle the account in order to proceed but your first step is to find somebody to work with so you can see exactly where you stand.

Hope this helps.

Don Groff
REALTOR® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157 |
0 votes Thank Flag Link Mon Mar 18, 2013
No one can answer this with certainty..... But the scores look fine. And the collection being out of SOL is a big help.
I have closed deals with similar scenario lots of times.

If your lender says it needs to be paid, call another lender.


Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes Thank Flag Link Mon Mar 18, 2013
As Carla pointed out, the best approach is to check with lenders in the area to find out if any of them have products/programs that will work for your credit situation.

It doesn't hurt to check with a few/several lenders to find the best fit. I would also be happy to provide you a couple references for lenders in the area.
0 votes Thank Flag Link Mon Mar 18, 2013
Hi Jeff,
You are exactly correct.
Rebecca Crawford - Movement Mortgage
Flag Fri Sep 27, 2013
The first step toward home buying is always to meet with a lender and to get a pre-qualification letter. Let those professionals answer your questions. If you need recommendations for who to call, I can help you with that.
0 votes Thank Flag Link Sun Mar 17, 2013
We are actually in the Austin area not Houston
0 votes Thank Flag Link Sun Mar 17, 2013
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