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jeanmarieflorida · Joined: 10 Jan 2010 Posts: 1 1.43 Dollars($)

I am a first time home buyer, FICO 649, and good job of 5+ yrs paying over $56k/yr and have the funds for 3.5% down payment and plus more for closing costs. Credit is on time and good EXCEPT for one big black mark ($14k) due to hurricane Wilma and a mobile home park - my mobile was destroyed by their tree (they failed to maintain), they offered to 'help' residents whose mobiles were destroyed by taking possession with no compensation (just wanted the title for free!) - I said no and sued them but lost! I still don't get that - but then again, the FL statewide mobile home lobby has a lot more resources than I ever will. They were awarded $9500 in attorney's fees but didn't file a judgment, instead they put this $14,000+ collection on my CR in 2006. I've had no contact with them and I will not ever pay them due to the circumstances involved. Do I have any chance of getting FHA/HomePath or similar financing?

adonis · Posted: Sun Jan 10, 2010 10:36 pm Post subject:

Hi jeanmarie,

I would suggest you to start applying for a FHA loan and check out what lenders have to say about it. With a good income, downpayment and credit score, there is a high chance that you qualify for the loan. However, if there is an account in the collections, then the lender will want you to settle that account. Once you settle the account, it will help you in improving your credit score to some extent.

suguleasa · Joined: 07 Jan 2010 Posts: 9 3.12 Dollars($)

Besides FHA, another option here in Illinois is IHDA.
Check out the HUD website for something similar perhaps in Florida:
http://www.hud.gov/buying/localbuying.cfm

Best of luck!

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FHA in 2010?