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Can Somebody Help Please


Lil Smurfette
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I've been told that I can qualify for a FHA loan with a middle credit score of at least 560, is this true?

I am in the process of trying to clean my credit up. I have some charge offs on my credit file that needs to be cleared up asap. A couple of the CA's have agreed to settle with me. Is it a good idea for me to take a settlement or should I just wait it out?

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It is possible to get a mortgage with your score. FHA is not score driven. FHA does want all past due obligations paid though. If you know this is a reliable company your working with, you are not asked to pay up front fees, or huge finance fees, and you have the downpayment and can settle what you owe, it can't hurt to try. I would go over to the Mortgage section and post this there, Charles answers lots of question about Mortgages. You might want to also check this company out with bbb, and any other source you know of. Maybe planetfeedback.com and ripoffreport.com. Do a google search too and see what comes up. Hope it all works out for you.

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I've been told that I can qualify for a FHA loan with a middle credit score of at least 560, is this true?

I am in the process of trying to clean my credit up. I have some charge offs on my credit file that needs to be cleared up asap. A couple of the CA's have agreed to settle with me. Is it a good idea for me to take a settlement or should I just wait it out?

When bought our home, we went FHA. They made us pay EVERYONE that we owed to. And for the ones that were showing open with lates, we had to get letters from them stating we no longer owed. It was the worst experience I ever went through. They even found a bill from a Dr. my son had as an infant. The Dr. passed away and I had to pay his wife. I would suggest NOT waiting and paying off what you can even BEFORE applying for FHA. Believe me, it will make the whole process alot less stressful. Liz

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Oh a few notes for you, if you settle, the mortgage company will be satisfied none the less to move with the mortgage - they rather see paid in full, but they can still move on the loan.

Also as you handle each case, ride them about updating the CRAs asap as you go along, and also forward you documentation immediately confirming the matter, even if it is just a fax (so you have you hands on the proof).

Look over in the mortgage section - Charles over there is a mortgage officer that can give you feed back on the loan part of things.

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Thank you all for your input this really helps me. I've been trying to figure out for the last couple of weeks if I should settle or wait it out. Also, are the settlement amounts below good deals.

Department Store CC: CL- $300.00, BAL- $477; will settle for $286.00

Providian Visa: CL- $1, 800, BAL- $2760; will settle for $1, 500 if I pay in full or the CA offered me monthly payments but if I go that route they want the whole $2760.

Mastercard: CL-$500, BAL- $1350; haven't been able to get in touch with the CA yet, their always close by the time I get off work.

CRAP 1: CL- $200, BAL - $725; will settle for $365.00

this is so unbelievable how much interest and fees these credit card companies are allowed to charge (it's almost double the amount of your credit line).

Anyways I will start paying these off this month because we plan on starting the loan process in September.

One more question. I have went around and around with this collection agency, they have been reporting on my credit file since "1999". It is for $100.00 and I do not owe this. I typed up a DV letter and I plan on sending it out today, is this the best way to go with this.

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