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Heather Arnder
a year ago
If you have a payment plan set up for a credit card judgment can you get approved for a FHA loan or do you have to pay it off in full?
 
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Best Expert Answer
Joe Wallace... Answered 307 more questions
a year ago
Lender standards may apply, but FHA loan rules in HUD 4000.1 state: "A Judgment is considered resolved if the Borrower has entered into a valid agreement with the creditor to make regular payments on the debt, the Borrower has made timely payments for at least three months of scheduled payments and the Judgment will not supersede the FHA-insured mortgage lien.

The Borrower cannot prepay scheduled payments in order to meet the required minimum of three months of payments. The Mortgagee must include the payment amount in the agreement in the Borrower’s monthly liabilities and debt. The Mortgagee must obtain a copy of the agreement and evidence that payments were made on time in accordance with the agreement."

That's found in HUD 4000.1 page 174.
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A Curious User
2 years ago
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
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Ryan Teodoro... Asked 1 more question
2 years ago
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
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Betty Kerrigan
17 days ago
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would he qualify for a FHA mortgage?
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would... (more)
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GINA NICHOLS
3 months ago
Is it possible to have a low credit score and still buy a home? We are planning to buy a home in the next year or two. The goal is to pay off all credit cards and everything on the credit report. The only loan we will still have is a car loan 13k. Our scores are low so it will be hard to get up to high 500's or 600's. We will attempt to have 6-7k down. Household income around 70k with one payment of $400 for car loan. Is this journey possible to get a home?
Thank you!
Is it possible to have a low credit score and still buy a home? We are planning to buy a home in the next year or two. The goal is to pay off all credit cards and everything on the credit report. The only loan we will still have is a car loan 13k.... (more)
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Mercy Croft
5 months ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion... (more)
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