Is it true that all collections of debt has to be paid in full before qualifying for a home loan?

Asked by waters1117, Philadelphia, PA Mon May 6, 2013

Is it possible to qualify for a home loan with a credit score of 574?

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4
lendersnetwo…, Agent, Plano, TX
Sat May 11, 2013
No. Depends on the types of debt, the age of accounts and the lender funding the loan. ost lenders with a sub 580 want all debt paid off that is 24 months old or newer, but why do that when we can get you 6 points fairly easy. Could be a few things to do to get your scores up I will run it through my score simulator and see.. I know credit! email me or go to our site and ask to speak with me in the contact form.

Randy Roberts
http://www.thelendersnetwork.com
2 votes
Jessica Bate…, Agent, Beverly Hills, CA
Sat May 11, 2013
Agree with Randy on this one, he can close a 580 score and maybe a 574. But before paying anything off let him help you figure things out! He knows everything about credit! Highly Recommend!!
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon May 6, 2013
I should have added to try the broker side of the industry like Randy seems to be. Or work with someone to fix your credit. A good lender will try and do that because the odds of success will rise.

Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls#111407
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon May 6, 2013
Honest answer is probably not. FHA does allow scores as low as 580 but most lenders don't write loans for that low a score. I see ads for loans at 580,540 etc. Some do close but the odds of success are MUCH lower, rates and down payments higher etc. Good luck.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes
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