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#425858 - 07/12/13 02:16 AM Getting a mortgage with a collection
Geubank Offline
Junior Member

Registered: 07/12/13
Posts: 2
Loc: Austin, Texas
Is it possible to get a FHA loan with a large collection on CR? The collection is out of statutes of limitations but not old enough to drop off CR. FICO was 647 last I checked.
Also in the state of Texas can a Realtor use their commission as their down payment?

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#425861 - 07/12/13 04:21 AM Re: Getting a mortgage with a collection [Re: Geubank]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
Loc: Vermont's North-East Kingdom
Sounds somewhat Sub-Prime ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#425873 - 07/12/13 11:17 AM Re: Getting a mortgage with a collection [Re: Geubank]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
The collection alone is not what determines whether or not you will qualify for the loan. You have to look at the full picture. Income,Credit History, Monthly Debt
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Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
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#435160 - 04/10/14 04:38 PM Re: Getting a mortgage with a collection [Re: Geubank]
DonFolz Offline
Member

Registered: 04/10/14
Posts: 10
Loc: Charlotte
[quote=Geubank]Also in the state of Texas can a Realtor use their commission as their down payment? [/quote]

No.
However, your earnest money deposit can be.
The commission "may" be used as discount points to get a lower rate on a traditional mortgage.

Shop lenders and LOs. A good LO should have it at his fingertips the avenues for improving client credit and eliminating collections.

Thanks,
Don

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