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I have spoke with two different mortgage brokers regarding fha secured mortgages and I am getting conflicting information. Here are my questions:
1) Is there a minimum score requirement?
2) I have two old collection accounts, one says they need to be paid the other says they dont.
3) I was behind on my mortgage 18 months ago, one of the credit bureas lists the account as being in forcloseure at that time. However it was never completed and we have been current for 18 months. One thought it might be an issue the other never mentioned it.
I am thoroughly confused.

jameshogg · Posted: Mon Mar 24, 2008 2:32 am Post subject: RE: FHA loan requirements

Hi Gabe,

Welcome to forums.

Although FHA loans are not dependent on credit scores, yet lenders do prefer that you have a minimum of 550 to move on with an FHA loan. As of collections, FHA lenders may ignore them if they are 6 years old. Besides a minimum credit score, there are other criteria to qualify for FHA loans .

Regarding the foreclosure being reported on your credit report, I think you need to talk to the lender and request them to talk to the bureau so that the latter changes the wrong information on the credit report.

Thanks

gmakerley · Posted: Mon Mar 24, 2008 9:22 am Post subject:

gabe, your lender cannot retract the information about the foreclosure situation if it truly existed in the first place. you stated that "it was never completed" - i take it that means they began the action and stopped because you must have made the account current. the fact remains, however, that the foreclosure was begun. you will want to document the entire situation for whoever you apply for a mortgage loan with now.

as for the collection accounts, in all likelihood you will have to pay both of them. as for credit score, i have read on here that there is no minimum requirement - true for a manual underwrite at least - but to get the loan through automated underwriting, which most lenders desire, you'll have to meet a minimum score (maybe 550; in our case here we need 585).

i don't blame you for being confused - but i'm not surprised either. you need to find one lender with whom you can develop confidence. the more shopping around you do, the more likely you'll get confused and the more likely you'll find someone who is just plain dishonest.

ckalvesmaki · Posted: Tue Mar 25, 2008 4:54 am Post subject:

Where you more than 120 days late on the mortgage? If not then a letter from your current lender detailing the mortgage history may help correct that....otherwise you will need to wait 3 years from the date they state a foreclosure.

Company	Loan Type	APR	Est. Pmt.
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