3 ms·

> FHA is 3% down. That's true in theory, though in practice any house you would actually want to live in is going may have a bunch of buyers competing on it an

> FHA is 3% down. That's true in theory, though in practice any house you would actually want to live in is going may have a bunch of buyers competing on it and having an FHA loan (or VA, sadly, or USDA) ensures your bid is in last place. However, there are some conventional lenders that will do 3% if you get approved for PMI. And yeah, some creditors will do pay-for-delete in which case you may be fine. If you have more than 1 that won't though you may have a hard time, especially if it's not due to medical or something easily justifiable.

toomuchtodo 3y ago
> And yeah, some creditors will do pay-for-delete in which case you may be fine. Pay for delete is paying to have it removed from your credit file by the data provider (either the creditor or their debt collector). This is distinctly different. You pay the debt and provide confirmation the debt was paid. Whether it is still on your credit file is immaterial to close. It's paid? You close. Fannie Mae guidelines, for example: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-6-Liability-Assessment/1032994251/B3-6-07-Debts-Paid-Off-At-or-Prior-to-Closing-04-05-2023.htm https://selling-guide.fanniemae.com/Selling-Guide/Originatio... https://selling-guide.fanniemae.com/Top-Trending-Jun-19/1087520231/Are-collection-accounts-and-non-mortgage-charge-offs-required-to-be-paid-off.htm https://selling-guide.fanniemae.com/Top-Trending-Jun-19/1087... (the guidelines are what makes the originated mortgages conforming, and able to be bundled for securitization and sold into the bond market; to understand mortgage guidelines is to be able to hack mortgage financing)
- user3939382 3y ago
  > Whether it is still on your credit is immaterial to close. Not if your score is tanked from having collections on it. Again, there are guidelines, but then there’s the real world. In the real world FHA loans means any desirable house you can’t buy and if you don’t have a decent score you’re not getting PMI.

toomuchtodo 3y ago

> And yeah, some creditors will do pay-for-delete in which case you may be fine. Pay for delete is paying to have it removed from your credit file by the data provider (either the creditor or their debt collector). This is distinctly different. You pay the debt and provide confirmation the debt was paid. Whether it is still on your credit file is immaterial to close. It's paid? You close. Fannie Mae guidelines, for example: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-6-Liability-Assessment/1032994251/B3-6-07-Debts-Paid-Off-At-or-Prior-to-Closing-04-05-2023.htm https://selling-guide.fanniemae.com/Selling-Guide/Originatio... https://selling-guide.fanniemae.com/Top-Trending-Jun-19/1087520231/Are-collection-accounts-and-non-mortgage-charge-offs-required-to-be-paid-off.htm https://selling-guide.fanniemae.com/Top-Trending-Jun-19/1087... (the guidelines are what makes the originated mortgages conforming, and able to be bundled for securitization and sold into the bond market; to understand mortgage guidelines is to be able to hack mortgage financing)

user3939382 3y ago
> Whether it is still on your credit is immaterial to close. Not if your score is tanked from having collections on it. Again, there are guidelines, but then there’s the real world. In the real world FHA loans means any desirable house you can’t buy and if you don’t have a decent score you’re not getting PMI.