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ImaRN

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3 delinquent accounts, can i get approved for a mortgage?
My CK score is 650. I have 3 delinquent accounts from credit cards totaling $20,000. I know that the responsible thing to do is pay them off, but so much time has gone by that trying to pay them off will only hurt me more. These 3 delinquencies are about to fall off in 2-3 years time.

In the meantime, I am tired of throwing away my money renting a house. My question is do you think it's possible to get a mortgage loan or find a broken so I can buy my own house? Or should I just accept the fact that I will have to wait another 2-3 years before all the negative accounts fall off on my credit?

I appreciate any advice you can give me. Thanks in advance.

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Assuming that you would be looking at an FHA mortgage, it is possible to get a mortgage now.  It would hinge upon FHA's automated underwriting system (TOTAL Scorecard) approving the file.  Without knowing other details, I couldn't say whether it would or not.  But if FHA's system approves the file, then there are lenders that will do the loan.  Keep in mind that FHA changed it's Collection Policy last year, now if the total non-medical collections exceed $2000 you have to A) Pay them all off before closing or B) Setup a payment plan and include that new payment in the liabilities when calculating debt ratios or C) Use 5% of the balance of the oustanding collections in the liabilities when calculating debt ratios.

Since you would be going with Option C, that means an additional $1000 would be added to your debt when the lender calculates your debt ratios ($20,000 in collections x 5% = $1000).

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Yeah, I figured "Credit Pro's" would be fishy, lol. It doesn't take a rocket scientist to figure that out.  I know that it will be hard to get approved for a mortgage this time, so I think, I'd sit out the next 2 years and let my delinquencies fall off my report. No sense paying them now, too late, and I'm already paying for the damage done. Thank you for your reply tbdc. 

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Yeah, give these guys a call Credit Pros 1-877-235-0324 ask about their preferred mortgage lender program.... Good luck my friend and happy house hunting!!!

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