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shawne327 · Joined: 15 May 2009 Posts: 1 1.37 Dollars($)

Hi

My husband has a foreclosure over 3 years old (foreclosure was on a home we had in MI...moved to GA for a job, home didn't sell for 2 years so we finally had to cut it loose). My husband did have one charge off on a credit card within the last year. We are working with the collections company to get the charge off wiped from our credit in exchange for payment. Would anyone give my husband a mortgage??? I currently own a home in my name so can't go through me. If so, can you provide me with any company names??

Thanks for your help.

jenkin7 · Posted: Fri May 15, 2009 11:27 pm Post subject:

Hi shawne,

If you want to go for a conventional loan you will have to wait for at least 4-5 years. To get an FHA loan the foreclosure has to be at least 2-3 years old. As the foreclosure on your credit is over 3 years old, you may qualify for an FHA loan. But the problem is the credit card charge off that shows up on your credit report. I think you should first wipe it off your credit and then apply for a loan. What is your credit score, by the way? Do you have any other negative items on your credit apart from the charge off?

Guest

I think my husband's credit score is high 600's, low 700's?? Nothing else bad on his credit within the last 3 years (other than the charge off)....he has a credit card with a $500 balance that we are paying off....no other debt. Would FHA look at us even with the charge off? It was within the last 12 months.

savior70 · Posted: Mon May 18, 2009 7:05 am Post subject:

Hi

Generally, to qualify for an FHA loan you have to have a clean credit history. With every negative item on your credit report, your chances of qualifying for an FHA loan diminishes. Nevertheless, there's nothing to be discouraged about. If you can show them that you've been making the payments on time for the past 12 months or so, you can still qualify. Have you reached any settlement with the collection agency yet?

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Can my husband get a loan with foreclosure on credit report?