U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-10-2013, 10:07 PM
 
Location: Deep in the heart of Texas
1,915 posts, read 6,906,599 times
Reputation: 1984

Advertisements

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
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-11-2013, 12:07 AM
 
1,092 posts, read 3,291,374 times
Reputation: 1128
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...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-11-2013, 10:11 AM
 
4,567 posts, read 10,005,207 times
Reputation: 6703
Pardon me for saying so, but you seem to have an unhealthy interest in your co-workers personal finances.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-14-2013, 01:32 PM
 
Location: Deep in the heart of Texas
1,915 posts, read 6,906,599 times
Reputation: 1984
Quote:
Originally Posted by 399083453 View Post
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!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-14-2013, 01:52 PM
 
3,749 posts, read 5,331,954 times
Reputation: 2280
Quote:
Originally Posted by CTR36 View Post
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-14-2013, 09:02 PM
 
Location: MID ATLANTIC
8,434 posts, read 21,710,244 times
Reputation: 9962
Yes, he can qualify. The underwriter will require the collection to be paid in full.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2013, 10:05 AM
 
Location: Deep in the heart of Texas
1,915 posts, read 6,906,599 times
Reputation: 1984
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-15-2013, 10:27 PM
 
3,805 posts, read 8,880,537 times
Reputation: 4976
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6. The time now is 03:54 PM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top