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Melanie, Home Buyer in West Virginia

Do FHA lenders look at medical collections as a red flag? Also, when should we start looking for a real estate agent?

Asked by Melanie, West Virginia Mon Nov 14, 2011

Our credit isn't in the best shape but we are working on it. There are a couple of other things in collections that we are going to pay off. We want to try to be in our own home within a year. Any advice will be appreciated.

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Generally any collections are red flag if however you have a letter that can help explain as to why there is a collection for example one of you was laid off temporarily or there was some sort of financial hardship that may help your case with the underwriter. As far as looking for an agent you should look start working with an agent early on in the process and make sure that you get preapproved for a loan first. sit down with the agent and explain what you're looking for and preferably work with an agent that is experienced in buyers agency that can guide you through the entire process. Always ask for references from the last five buyers they have worked with and also any clients prior to that, this way you know that they're experienced in buyer agency know how to guide you through the process and can recommend trusted partners to work with such as home inspectors attorney's etc. and also make sure that they give you a list of three or four of each vendor to pick from. Good luck.

Hope this helps!
Marco Gomez
New York state associate broker
Keller Williams landmark to
Marco.Gomez@Gmail.com
Serving Queens, Brooklyn & Nassau
0 votes Thank Flag Link Wed Nov 16, 2011
FHA does not count medical collections against you but you need to document why you have medical collections.
I suggest that you go to your local nonprofit housing group for credit counseling. The counselor will go over your credit report with you and tell you what you are doing wrong. They will also tell you what you need to do. Listen to them.
0 votes Thank Flag Link Tue Nov 15, 2011
Yup, start looking for a Realtor ASAP and have them refer you to the loan officer they trust the most and form a team.

You will receive many suggestions about credit repair, may want to check out the info on the subject on my blog, might keep you out of harm’s way, hope it is helpful and keeps you safe.

Info on the criminal side of Credit Repair:
http://www.trulia.com/blog/jimsimms/2011/10/credit_repair_ca…

Info on Lease Options:
http://www.trulia.com/blog/jimsimms/2011/11/rent_option_or_r…

Info on Down Payment Assistance in Kentucky:
http://www.trulia.com/blog/jimsimms/2011/03/down_payment_ass…
0 votes Thank Flag Link Tue Nov 15, 2011
Many lenders are now working closely with credit council and repair people. They can give you great advice on how to manage your credit repair to maximize your credit score.( And as we all now know, you are only as good as your credit score ;) Take the time you have now to interview agents so when the time comes you will know who you would like to hire.
0 votes Thank Flag Link Tue Nov 15, 2011
Melanie you need to meet with a loan officer now and then within 6 months of when you want to move, contact a Realtor. For now you should with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for and the time frame it will take.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Nov 15, 2011
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