Posted on: 25th May, 2012 01:23 am
Hello. Please help me. I had a foreclosure in 07 along with charge offs. I have settled most of my charge offs but had a few left over from back then. My fico goes to 648 this month, so I decided to attempt for a mortgage to buy a home. I get a pre-approval for 265,000 but the lender has also informed me that I have to take care of a few of these charge offs first. He has given me attorney’s number who handles such settlements. How long does this process take? I was pretty excited looking at homes right up until this...because if I find a home I like....I really can’t go very far can I until this is done.
Hi Cansy,
With a credit score of 648, you will be able to qualify for a FHA loan. You may not qualify for a conventional loan. In order to get a FHA loan, you will have to either pay off your charged off accounts in full or if the accounts are more than 2-3 years old, then you may have to give an explanation as to why you were late or why you did not pay.
Take care.
With a credit score of 648, you will be able to qualify for a FHA loan. You may not qualify for a conventional loan. In order to get a FHA loan, you will have to either pay off your charged off accounts in full or if the accounts are more than 2-3 years old, then you may have to give an explanation as to why you were late or why you did not pay.
Take care.
Hi Cansy,
It is true that you will have to sort out the charged off accounts asap in order to get an FHA mortgage for buying your home. It will be better if you could come to a settlement with the CA and resolve this issue.
It is true that you will have to sort out the charged off accounts asap in order to get an FHA mortgage for buying your home. It will be better if you could come to a settlement with the CA and resolve this issue.