RE: Roni & Mom When I bought my first house, my credit wasn't good but my husband's was (I think) and had no problem through FHA. Two years later, with not much difference in credit reports, we had a very hard time with a conventional loan. FHA is very forgiving, but be careful after that! If you have questions, let me know.
RE: Roni & Mom It was old stuff that I had screwed up in college around 1990 (about three cards with $500 limits) that were paid chargeoffs in 1994-6 (approx. if memory serves). FHA loan was in 1997, conventional in 1999. It was essentially the same info then that held us up, I will check my reports and verify, though.
RE: Roni & Mom Actually, I'm being stupid. Sorry. Between the two purchases, we had slow paid on a couple of my husband's credit cards also, and they were much more recent at the time of the second purchase. These things stand out in my mind, don't know why I hadn't thought of it. I will still double check, though.
RE: search mortgage calculator check out http://www.mortgagequotes.com there are some good calculators there.
Judgments must be paid Conventional and FHA loans require Judgments to be paid no exceptions. Many times FHA will allow collections not to be paid but it depends on the lender. The only way to get a loan with a judgment is to go the sub-prime route and even then it will be up the underwriter. The older the judgment and lower the amount owed will be factor. David W
RE: Roni & Mom Ok, that explains it a little. I have heard one late can hurt your chances. Thanks for getting back with me. roni,
RE: Judgments must be paid Also, keep in mind that FHA uses higher ratios. Your total debt including mortgage can be between 40 and 45%. I spoke with a lender the other day that allows 43% with 3% down for a 2/1 buy down at 5.87% for the first year. This is helpful for people like me who only have 1.5 years to pay on a car payment and don't want that to limit the size mortgage you qualify for.
