Home Buying in Lemoore>Question Details

Bigtim1956, Home Owner in Baltimore, MD

i have 3 collections aganst me for a total of 3500 dollars my credit score is 624 can i get va home loan

Asked by Bigtim1956, Baltimore, MD Sat Jan 29, 2011

i cant pay off the collections because they wont the money all at once and i dont have the money

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6
Bigtim if you don't have 3500.00 to pay off your collections how are you going to pay for your first year home owners insurance, appraisal, loan application fee, home inspection etc. that need to be paid for before closing?
1 vote Thank Flag Link Sat Jan 29, 2011
Yes, you can obtain a VA loan. You may be required to pay the $3500, but the VA loan is a no money down program, and the seller can pay your closing costs.
Web Reference: http://diannelangston.com
0 votes Thank Flag Link Sat Jan 29, 2011
Bigtim1956 depending on what the collections are for and the lending institution will determine if those collections accounts need to be paid off. Don't pay them off if you are going to buy because it will only lower your credit score.
On a VA loan a sellers concession not only can pay for closing costs but can be used to pay off collection accounts as well.
0 votes Thank Flag Link Sat Jan 29, 2011
Hi BigTim!

There is a website called http://www.valoans.com
Here is a quote from the site

"The VA guidelines state that if a collection is minor in nature, it usually does not need to be paid off as a condition for loan approval. Judgments must be paid in full prior to closing. A borrower is not eligible for the loan if they are delinquent on any federal debt. This can include tax liens, student loans, etc. Payment arrangements that would bring the borrower up to date may be considered for loan approval."

The first step is to get with a loan officer and get an application. They will let you know what is needed in the form of doc's and such.

Best of luck!

Jonas Mancuso
Remax / Lakeland
http://www.talktohouston.com
0 votes Thank Flag Link Sat Jan 29, 2011
If you don't have the money to pay off the collections, how could you have the money to buy a home? Can you provide more information?
0 votes Thank Flag Link Sat Jan 29, 2011
you need to talk with a lender in your area who does VA loans.
0 votes Thank Flag Link Sat Jan 29, 2011
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