FHA LOANS AND MEDICAL JUDGEMENTS

Short Answer Yes. But their are other factors that must be considered.

IF I HAVE A JUDGMENT AND SOME MEDICAL COLLECTIONS BUT THEY ARE PAID OFF AND,GET MY CREDIT SCORE IT 620 DO I HAVE A GOOD CHANCE OF BEING CONSIDERED APPROVAL FOR A FHA LOAN OR WILL THE COLLECTIONS PLUS THE JUDGEMENT MAKE ME LOOK BAD?? I DO HAVE 5 LINES OF CREDIT 5 IN GREAT STANDING,BUT 2 HAVE BEEN LATE ONCE

Hi CINDY!

Welcome to forums!

I agree with executivemortgageadvisor. You may be able to get a FHA loan though you had a medical judgment on your credit report. However, the FHA lender will check your credit score and income before approving a loan.

Feel free to ask if you have further queries.

Sussane

Is it true that your minimum credit score have to be 620 for FHA, or is it up to the lender? I'm 23 yrs old and have been having problems with med coll since I was 18. I now have 3 account in good standing and never paid late, but I have 9 negitive med coll account which 7 of them have been paid in full and I'm working on the last 2. I'm having such a hard time finding a home loan because of crapy insurace. Any suggestions?

Hi norwoodapril,

Yes, the minimum credit score requirement for a FHA loan is 620. Lenders will not give you a loan if your credit score is lower than that. I would suggest you to improve your credit and then look out for a loan. Moreover if you pay off the remaining negative account, then it would help you in improving your credit score. To know more about improving credit,check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks