Home Buying in Southaven>Question Details

krissy012000, Home Buyer in Southaven, MS

My husband and I both have middle scores of 655..he has a judgement that we will be paying off this week.

Asked by krissy012000, Southaven, MS Sun Mar 24, 2013

How long does the judgement have to be released before we can get a loan??

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John Burke’s answer
Hi Krissy,

In most cases, an underwriter will ask for proof that the judgment has been paid prior to or at closing so there isn't a specific amount of time required but a lot of the investors that buy mortgages (actually mortgage backed securities) will require that judgment is either removed from your credit report or shows as paid on the credit report so you could end up with an extra week or two added to the process. Unfortunately, judgments are recorded by your county clerk so any updates will have to go through them first so Lowell's suggestion of getting a letter showing it's paid will not get it deleted from your credit report.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
0 votes Thank Flag Link Wed Mar 27, 2013
Call me at 901-628-9583 and I can help you get qualified. I need to know a couple things before I can give you an exact answer. Or you can email me at info@desotodeals.info
0 votes Thank Flag Link Sun Mar 24, 2013
a fter next week I dont think you will have any problem if you want to apply for a morgage to buy a house. contact your lender to be sure if you dont have one I can recommend you tow or three to chose from.
good luck.
0 votes Thank Flag Link Sun Mar 24, 2013
You need a good lender to guide you - you're almost done and to where you can buy ... just let them help you through the last few details :) If you are comfortable enough to send me your email address, I can give you several reputable options (reputable and nice to work with - patient and informative). My email is DanaOwensSmith@yahoo.com - I'll send you some info right away :)
Dana Smith
Crye-Leike Realtors
0 votes Thank Flag Link Sun Mar 24, 2013
Also we do have collections but they are all old (nothing within the last 3-4 years)
0 votes Thank Flag Link Sun Mar 24, 2013
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