can a repossession 3 years ago keep you from getting a FHA loan?
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February 7th, 2010 at 7:01 pm
No….you should be able to get a FHA loan with that credit score and being that much time having elapsed.
The lender might require you to write a letter of explaination.
Check with a couple of large FHA lenders like Quicken Loans or Ditech over the phone. They are about the largest FHA lenders in the U.S.
February 7th, 2010 at 10:16 pm
Generally no, this won’t prevent you from getting an FHA home loan. With credit scores like yours, lenders typically look at the previous 24 months payment/credit history. If, by chance, a lender does deny you, talk to another one. Lender’s loan guidelines these days are too strict, mainly because of the present mess the real estate industry is in, but they are still in the money lending business. Just make sure you have several months of cash reserves saved up as lenders will require this. In other words, several months worth of your new principal, interest, taxes and insurance saved up.
February 10th, 2010 at 7:03 pm
No, you are fine with those credit scores and since you paid off the balance, you are not showing as an open negative balance. You should be in great shape. Good Luck!!!