I em first time home buyer...looking for mortgage..Credit score 680..yearly income 78.000..All montly debit is less then 1.300.

Asked by Ire, Philadelphia, PA Sat May 26, 2012

I have on credit history more than 5 years old colection .ty...

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, ,
Mon May 28, 2012

I know many lenders will not be that concerned with a collection that is 5 years old. You may or may not need to pay off the collection, depending on the type of mortgage you proceed with. One of the things we do is a credit simulation to see what the score will likely become if the collection is satsified.

SEE VIDEO: http://realestatemarbles.com/jscordova/2011/03/11/show-me-th… ABOUT 1:15 in

I would like to find out your over all qualifications, which would include down payment amount. Have you considered the mortgage insurance options if putting less than 20% down? Do you know you can pay no monthly mortgage insurance, even if you put as little as 5% down?

Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Sat May 26, 2012
Hi, Ire.

If you would like some assistance getting pre-qualified for a mortgage, just let me know and I'll help.

All of my contact information is below.


Timothy M. Garrity | REALTOR®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
1 vote
, ,
Mon May 28, 2012
Hello Ire,

Your overall situation is strong. The collection is of obvious concern to you. More often than not now underwriters are requiring collections to be paid if they total over $1500. The older the collection is thew less likely it is thatb the underwriter will call for it to be paid. There are a few options here:.
I would first run it by an underwriter to see if they will call for it to be paid or not. Every situation is different. If the answer is "No" you can try to get the collection removed. Also you can pay it off at settlement and negotiate payment of pennies on the dollar. I would not pay off the collection prior to settlement. I'd be happy to assist in any of these options. I could meet at your home or my office which is on Street Rd in Southampton.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
1 vote
...I only would like to thank you for everything you do for me yesterday. Thank you for the explanation ..
Flag Fri Jun 1, 2012
Dmytro V. Bo…, Other Pro, Havertown, PA
Mon May 28, 2012
Hello Ire,
With your income level and lower than average for your income expenses you could qualify for mortgage even with score under 700. I can refer you to several mortgage sources and help you find the home you see yourself living in.
Please feel free to contact me any time.

Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-348-8389
Tel: 610-449-1919 x.223
Licensed In Pennsylvania
1 vote
Doug Gungor, Agent, Philadelphia, PA
Sun May 27, 2012
There are programs to help fix your credit if needed, i can put you in contact with my mortgage adviser, her name is Kelly Donovan with PHH Mortgage.

Feel free to call me at 267 455 2613,


1 vote
Sheri Curci, Agent, Newtown, PA
Sat May 26, 2012
Good Evening Ire,

You sound like you’re in good shape for approval. DTI looks good

We are glad when a buyer does their Homework... Good for you.

If you Choose feel free to call me and I can tour some homes for you.

I think you should have a confidential conversation from here on?

All the Best Sheri Curci, RE/MAX Properties 215-757-2889
1 vote
ty .if I can have that approval I will be more then happy...
Flag Sat May 26, 2012
James G Brop…, Agent, Phila, PA
Sat May 26, 2012
You should be able to obtain financing but subject to the 5 yr old collection debt maybe having to be satisfied. A mortgage lender must review to make statis decision. The 680 credit score is fine, the 78,000 income is subject to how much you spend to buy a home. Then you need to have a down payment? FHA requires min of 3.5% dn. If you happen to be a veteran you can do it with zero dn but remember, you still need funds for closing cost and that is subject to the sale price but a rough estimate, for Phila property, above 75,000 sale price, would be around 7 to 8%. Sometimes a sale can be structured with seller paying some of the closing cost if you are light on savings. State Grant funds can also be available but bottom line is unless you are a Vet, you will need some skin in the game. If you contact me I can go over in more details.

Jim Brophy
Associate Broker
RE.MAX 2000
1 vote
Alexander Sh…, Agent, Huntingdon Valley, PA
Sat May 26, 2012
This Lender will guide you through getting rid of your collection and improving your credit.

Best Regards,

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
1 vote
Bryan Torrey, Agent, DE,
Sat Jun 9, 2012
My name is Bryan Torrey with Egan Real Estate and I can help you find a beautiful home that's within your budget contact me at 2672960368 or e-mail me at Bryan@EganRe.com
0 votes
, ,
Tue May 29, 2012
Hello Ire,
It looks like you'll be in good shape to purchase based on what you stated above.
I'd appreciate the opportunity to earn your business and to solidify a pre approval for you.
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com
Licensed by the Pennsylvania Department of Banking
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Sun May 27, 2012
I have the perfect mortgage person. Call me or email me.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference:  http://kurfiss.com
0 votes
Alexander Sh…, Agent, Huntingdon Valley, PA
Sat May 26, 2012
I have a perfect Lender for you to turn to:

Edward Dubinsky
Branch Manager
Office: 267-296-9309
Cell: 215-808-5353
Fax: 215-701-9198
E-MaIl: edubinsky@ahmcloans.com
Web Site: edubinsky.ahmcloans.com

If you want to discuss your situation in more detail please call me: 267 738 0886
When you are ready to buy your home after obtaining a pre-approval i will assist you with finding a home.

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
0 votes
I working with Lexington Law..for more then one year..you think I can find mortgage with information what I give here....ty
Flag Sat May 26, 2012
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