Home Buying in 01970>Question Details

Ikgmuller, Home Buyer in 54022

Our offer has been approved on a home but we just found out my husband has an item in collections we were unaware of. We immediately paid in full...

Asked by Ikgmuller, 54022 Wed Mar 23, 2011

hoping they would not report to the credit bureau. They did. We were preapproved for an FHA loan about a month ago with my husbands credit score being 648. It has now dropped to 637. If our current lender can't make this work, are there lenders who can? If so, what will the catch be? We are having the house inspected tomorrow and have a closing date for the end of May.

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Barry Little’s answer
Ikgmuller,

We can help you with the purchase and close on your home for May
With a minimum middle credit score of 620 for all borrowers involved with FHA financing.

I live and work locally in Massachusetts, You can reach me direct at 508-733-4858
Thank you
Barry
Web Reference: http://www.MassLoanInfo.com
0 votes Thank Flag Link Thu Mar 24, 2011
Ikguller,
Believe it or not, paying the collection did more damage than good. I've worked with credit repair companies and they often advise against paying off an old collection at least until the lender requires it as a condition or your mortgage is closed.
There are other credit repair steps you can take, but you don't have much time. RapidRescore is a service I've used who will assess your situation up front and tell you how many points they believe they can improve your score. If it is sufficient to resolve the issues it can be worth the fee. Have your lender investigate the link below..
The other option is Wells Fargo, through their bank branches are advertising lower qualifying scores to obtain a mortgage.
0 votes Thank Flag Link Wed Mar 23, 2011
If the negative was satisfied, do give your proof of payment to your loan officer--he/she can best help you resolve the matter....
0 votes Thank Flag Link Wed Mar 23, 2011
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