I have a 1st home buyer client who we are looking for a lending FHA or possibly a 203k loan. He does have a couple hurdles and seeing if there are any lenders out there.
Details:
1. Mid Fico 600-610
2. Has several collection accounts that are over 2+ years ago. Ranging from $500-$18,000
3. No late payments on current bills IE car payment 2+ years, 2 credit cards 1 year, department store card 1 year.
4. Does have student loan in collection
5. Self employed 3+ years makes $50k-$75k each year.
6. On tax repayment plan (no tax liens)
7. Looking at a 2-4 unit building to owner occ
8. Have $15k-$20k down payment
9. Purchase price would be around $200k+-
10. State of Missouri
Anyone think they can get this loan done? Will this collection accounts need to be paid off first? Any help or direction fromexperience LO/brokers would be great.
Details:
1. Mid Fico 600-610
2. Has several collection accounts that are over 2+ years ago. Ranging from $500-$18,000
3. No late payments on current bills IE car payment 2+ years, 2 credit cards 1 year, department store card 1 year.
4. Does have student loan in collection
5. Self employed 3+ years makes $50k-$75k each year.
6. On tax repayment plan (no tax liens)
7. Looking at a 2-4 unit building to owner occ
8. Have $15k-$20k down payment
9. Purchase price would be around $200k+-
10. State of Missouri
Anyone think they can get this loan done? Will this collection accounts need to be paid off first? Any help or direction fromexperience LO/brokers would be great.
