I wanted to again remind you – if you are trying to get an FHA mortgage, and you have older collections you need to take action before October 15.
The reason is that all FHA case numbers pulled after October 15 must include a payment for collections totaling in excess of $2,000. We either have to take 5% of the aggregate balance for the payment, or you will have to negotiate your own payments we each account holder.
…and, really if you are thinking of buying a house with an FHA loan I would do it now. This is because if you wait until mid October it will likely be too late. (We can’t pull a new case number without a contract and a property address)
By the way… Did you know I can FHA loans down to 580 with just a 3.5% down payment? …Yep! …Call or email me if you need help with your situation!
Also… Initial Jobless Claims report is due out this morning at 8:30 AM and could be a mortgage rate mover.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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