Financing in Pikesville>Question Details

Reese, Home Buyer in Pikesville, MD

I have a judgment that I've been paying on. about 6 payments have been made and it should be done in another

Asked by Reese, Pikesville, MD Mon Apr 7, 2008

2months. Will this need to be paid if I see a home that i want to put an offer on?

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Lewis Poretz - MARYLAND 203K Renovation Loans’ answer
When you run the loan through Fannie or Freddie the findings will state if you have to pay anything off. Typically judgements and liens need to be paid but not always. Find a lender you feel comfortable with and seek advice.
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0 votes Thank Flag Link Mon Apr 7, 2008
That's a hard question to answer without more information about your financial background. The best thing to do is to hook up with a good lender who will walk you through the process and let you know exactly what you need to do to buy a house. If you would like more help don't hesitate to contact me directly. I would love to speak to you!
0 votes Thank Flag Link Mon Apr 7, 2008
Hello Reese
It will depend on several factors such as income, debt ratio, assets etc and also how much is still owed on the judgement and what type of judgement it is ie: tax lien,etc
Generally, if you have been making payments and will continue to do so for the next two months, those payments may be calculated in the debt ratio. FHA has relatively lenient credit guidelines and will take the entire profile of an applicant into consideration.
Have you been pre-approved yet? Please see my website for some further information.
0 votes Thank Flag Link Mon Apr 7, 2008
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