stacykat Posted August 4, 2003 Report Share Posted August 4, 2003 A very nice person in the other forum said that I may be able to get a mortgage even though I have a collection account so I thought I would post my situation in this section to get some more feedback.I have a collection showing only on my Equifax report, it never was reported on Experian and TU deleted. It is for $1300 and is almost 7 years old. The SOL is up also. It is a joint account too, it does not state that on my report but I have a document from the CA proving this. A little background about myself:I have no debt (except for the 7 yr old collection, if that counts), my FICO was 680 a few months ago and I'm assuming it has gone up because of a couple bad things being removed from my credit. All my credit card accounts (4 total) and my car loan are paid off and were always on time. I have been employed for over 3 years at the same company and my income does increase yearly. I can put at least 10% down on the loan. I was wondering if a bank will "overlook" the collection because of all this. Does anyone know if it possible to be approved for a conventional loan with this collection on my file? Any help would be great! Link to comment Share on other sites More sharing options...
utman17 Posted August 4, 2003 Report Share Posted August 4, 2003 Countrywide.com, only pulls experian call Bernie HartmanHome Finance Consultant800-679-0127 Ext. 3549800-669-6060 Fax Link to comment Share on other sites More sharing options...
kjunior Posted August 5, 2003 Report Share Posted August 5, 2003 I was told that as long as the collectionis over 2 years old you qualfy for a mortage loan. I think with FHA you would have to pay everything on the reports or have the item deleted. I don't see why you wouldn't be able to get a conventional loan. Link to comment Share on other sites More sharing options...
stacykat Posted August 6, 2003 Author Report Share Posted August 6, 2003 I guess I'll give it another month or two to see if my bitching to the CA and Equifax gets this account deleted. Well, actually I have another collection too, it's minor and I probably will pay it off so that one doesn't count lol, it's the $1300 one that is causing me concern. If it doesn't get deleted, I'll just go for it and see what happens. About Countrywide, don't they charge very high closing costs? From what I saw on their website they would charge almost $7000 for the loan I want. My family and friends have mrtgs. with their banks, they told me closing costs should not be that high with a normal bank loan. Anyone know if this is correct? Thanks! Link to comment Share on other sites More sharing options...
firstsource Posted August 7, 2003 Report Share Posted August 7, 2003 Unless you are paying to buy down the rate, you should not have closing costs much more than 5K. Charles Link to comment Share on other sites More sharing options...
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