Spoke to a mortgage broker yesterday. I'm thinking FHA, 3% down or VA. Showed her the latest copies of my CRs. Told her I was cleaning them up. Her: The only negs are the judgment and medical collections? Me: Yep! Her: Medical collections aren't a problem. May need to explain or pay. (FHA wants no derogs in last year and it's not FICO driven) Me: OK, but I'm having pretty good luck validating and deleting. Her: If the judgment goes, I can get you 6.125%, 30-year fixed and do it 30 days! Me: Really? Her: Yep or I could do a sub-prime 80-20 @ 7.75% if you want to get in a house and refi later. Me: WOW! Her: How long have you been working on your reports? Me: 8-10 weeks. Her: WOW! I've never seen this before. Have you thought about doing it for money? I could send a LOT of people to you. Me: Well, maybe after I get mine totally clean and get a house. Her: OK, I think if you can get rid of the judgment by disputing or paying .20 on the dollar, we should start the process.
I have a paid judgement on equifax from a house that hit foreclosure. Luckily I made a good deal and the house sold for more than we owed at a sheriff sale. The judgement is now 2 1/2 years old. Within the next week I am applying for a mortgage. Will this stop me from getting a prime rate. We have the score they want so that is no problem. I got the collections removed except medical which I am sending intent to sue letter tomorrow but I wonder if the judgement will stop a prime mortgage. anyone know?
From what I was told the judgment needs to be off the report, paid, settled or have been on a payment plan for 12 months to qualify for the FHA or VA loans.
