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My co-worker wants to buy a house this summer. He has $50K income per year. No debt other than $60K in student loans (is on a income based repayment so his payments are very low~$80 per month). His credit score is not that great ~650 due to a bankruptcy in 2009 due to medical bills. Not currently past due on anything except he says the hospital bill in the amount of $175 was placed in collection and is on his
report. He plans on paying that off in the next month. He is looking for homes around $175K. Can he qualify for an FHA loan? Thanks everyone
Once he pays the collection it will be harder to have removed. Have him research pay for delete. Sometimes this can work, sometimes it doesn't. And it will reage the account once he pays it and his score could decrease slightly...
Pardon me for saying so, but you seem to have an unhealthy interest in your co-workers personal finances.
I am asking for him. He asked me to post this on here. I am his friend.
And if you have nothing to add to the conversation, please refrain from posting.
How rude!
My co-worker wants to buy a house this summer. He has $50K income per year. No debt other than $60K in student loans (is on a income based repayment so his payments are very low~$80 per month). His credit score is not that great ~650 due to a bankruptcy in 2009 due to medical bills. Not currently past due on anything except he says the hospital bill in the amount of $175 was placed in collection and is on his
report. He plans on paying that off in the next month. He is looking for homes around $175K. Can he qualify for an FHA loan? Thanks everyone
How much downpayment is he willing to pay for 175K house?
He says he has about $6,000 (more if needed). The collection is only $175 and it's from a hospital bill he never received and thought he paid off. It's about 1 year old. I told him to pay that off or talk to the hospital and see if they can take it off his record. Thanks everyone!! He doesn't speak English very well (vietnamese) and it's hard for him to express himself on forums such as these
The collection will not be required to be paid, as it is less than the collection limit for fha. Pending debt ratio, down payment, and recent rent history, your friend will be fine.
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