Home Buying in Dallas>Question Details

Nisha,  in Cedar Hill, TX

I have a credit score of 637. I want to move AS SOON AS POSSIBLE. Can someone please help me get an FHA loan??

Asked by Nisha, Cedar Hill, TX Wed Oct 10, 2012

I have jumped through hoops only to find that a new collection (an old cable company) has shown up on my credit report. I have already been looking at homes and have waited weeks for my pre-approval letter so that I can make an offer on a home. Now I'm being told that my score is too low with the new collection.

Help the community by answering this question:


FHA loans require a 580 score, Conventional require a 620.. Visit our site I can refer you to an agent to help you find a home and a Lender or two that can get you pre approved.

Good Luck!
3 votes Thank Flag Link Sat Sep 28, 2013

Geez..... That might lower your score. Leave the collection alone. You can pay it after closing.
If it WAS paid already, then we can get the collection removed thru Rapid Rescore.


Read the free book about credit that I wrote.... at the above link.

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 => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
3 votes Thank Flag Link Wed Oct 10, 2012
I wonder if Nisha has closed yet.... This question was from Oct
1 vote Thank Flag Link Sat Jan 12, 2013
Shop around for a mortgage broker, they have access to many banks, private lenders and many different programs. Qualify for an FHA loan is easy if you have minimum 2 years in the same job, if you have reasonable debt to income ratios, and good credit history.

Best of Luck,

Maria Cipollone
Century 21 Tenace

1 vote Thank Flag Link Wed Oct 31, 2012
Not sure why some people would suggest that you pay that... or that you need credit repair. Of course it will need to be corrected, but you should never attempt to make any changes to your credit report when you are that close to qualifying, unless you have to, and in that case, your lender should tell you exactly how to go about it so that it won't hurt you even more. If this new bill has appeared on your report, but your score is still 637, you should be fine to proceed with a mortgage loan.

I have worked with 4 clients in the last 6 months with credit scores ranging from 618 - 640 and none of them have had a problem getting an FHA loan. Are you working directly with a bank, or with a mortgage broker? In most cases the banks are much more strict than brokerages. If your score has taken a major dive because of this "new" debt, (which is unlikely) there are a few things you can do to get it back up. But checking your credit too many times, or having different services check it, can be just as harmful as a new debt, so be careful with that. If you have any questions on the best way to proceed, I'd be happy to help.
1 vote Thank Flag Link Mon Oct 15, 2012
Lots of good advice here. Main thing is to have a good Lender...preferably local...who can help advise you how to handle your credit glitches. Often, lenders who are not local take much longer to provide you with a prequalifying letter, especially when there are issues to resolve.

In my experience, it's best to work with a LOCAL Lender, whom you can personally meet with to discuss your specific situation. If you follow their advice, they can accurately estimate the timeframe it will take for you to qualify for your loan and help you determine the TYPE of loan that you need based on your resources.

If you have a local lender and it's taking weeks to get your letter, there are reasons and your lender should be explaining these to you so that your expectations are not unrealistic. OFTEN, buyers must do some clean-up of their credit reports (per the lender) in order to qualify and the lender can usually tell you that you will be ready in about 6 months, or in about a year, etc. While not the answer you want to hear, this may be the reality.

Certainly your credit score doesn't sound like a huge problem in and of itself, so there must be more to this.

If you would like a good local lender recommendation, please contact me at 214-918-1686 and I can hook you up with someone great who will not play games and will tell you exactly what you need to do in order to qualify as quickly as possible.

Good luck!
1 vote Thank Flag Link Sun Oct 14, 2012
Try contacting the cable copany or the collection agency and made arrangements to start paying that debt in full or installments. keep copy of the receipts and write a letter to the three credit bureaus informing what action you took to resolve this matter. Keep your credit card debts to a minimum and always pay on time.

Best of Luck,

Maria Cipollone

1 vote Thank Flag Link Sun Oct 14, 2012
Have you previously paid the Cable company? If not pay the collection company in full. If you have paid the cable company send proof to the three credit reporting companies. It should be removed within 45 days and your credit score will go up.
1 vote Thank Flag Link Wed Oct 10, 2012
Old collections are just that.... OLD!!
It isn't like you didn't pay that bill yesterday.... It was just re-inserted to the credit report by a junk debt buyer.
Don't worry.... It does NOT have to be paid and you can get an FHA loan with a 620 at the same rates as people with 640 - 800!!!
We Originate/Underwrite/Close & Fund all in house.

If the score is your only hurdle, I can have you pre-approved by TONIGHT!!

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 => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
1 vote Thank Flag Link Wed Oct 10, 2012
Wow I wish you were local in DC
Flag Thu Mar 24, 2016
Hi Nisha,

Email me at dixondfw@gmail.com

I will send you my lender's contact.

JP and Associate
1 vote Thank Flag Link Wed Oct 10, 2012
I believe if you have collections, most lenders will require that something like that be taken care of.
You want to be absolutely sure, before you go waste money with other lenders who might tell you yes yes yes, only to tell you no, after you have spent option money, earnest money, appraisal money, and inspection money.

Ask your current lender if showing proof of payment will be enough for them to help you.

Sorry for the bad news.
1 vote Thank Flag Link Wed Oct 10, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
I tell ya what, I had a question that need immediate response before I start pulling the rest of my hair out,I am pretty well in advanced on an FHA loan and was beginning to stress out. I called a fella(got his name from this site) buy the name of Tom Burris down in Texas at 9:40 at night, I live in Colorado, and he answered. Not only did he answer but he helped me tremendously with my questions. THANKS TOM, CALL TOM he didn't charge me, Its not that type of deal.
0 votes Thank Flag Link Tue Feb 23, 2016
wrong forum ,right guy, guess I need a Colorado forum, Just cause Its legal doesn't mean I do it
Flag Tue Feb 23, 2016
Thank you all so very much. I know this question is from last year, but it is still relevant to my situation. I signed a year lease for an apartment last year. The lease will end soon and I would love to purchase a home oppesed to leasing another apartment. I will be in touch very soon.
0 votes Thank Flag Link Sun Oct 27, 2013
I'm with Tom, don't pay on the collection. If you want to pay, ask for a pay for deletion. But don't call them for a settlement or a payment until your absolutely sure that is something that you want to do.

There are some lenders out there that can assist you at a 637 score.

Please contact me if you would like to be put in contact with them.

"Top Producer of Integrity, Service, and Results!”

Contact Me For All Of Your DFW Real Estate Needs

Erica Texada, Broker Associate, CDPE , SFR
214-680-4566 Direct
972-692-5770 Fax

For The Most Up To Date Home Search visit
0 votes Thank Flag Link Wed Aug 21, 2013
Wow Spamming Trulia Jessica. Same Answer on 50 different posts

Way to offer great insight to the Trulia community.
0 votes Thank Flag Link Sat Aug 10, 2013
You might try...

Jenny Phung
North Dallas Mortgage, LLC

She is wonderful. You can use anyone you want. This is just FYI.

Good luck.

0 votes Thank Flag Link Wed Oct 10, 2012
I have a in-house lender who might be able to help...
0 votes Thank Flag Link Wed Oct 10, 2012
I think it is. Just call any lender of your choice and get pre-approved for FREE and you will know where you stand.

Then pick on of us and get going.

Just email me if you have any other questions.

0 votes Thank Flag Link Wed Oct 10, 2012
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