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loan officer in gloucester county nj: Can I Qualify for a Mortgage with a Large Collection/Derogatory Debt on My Credit? - 08/23/10 10:38 PM
Can I Qualify for a Mortgage with a Large Collection/Derogatory Debt on My Credit? Can a home buyer qualify for a mortgage with a large collection-type account on their credit, such as a car repossession or a judgment? And if so, does the buyer have to pay it off before settlement?
The answer is YES a buyer may qualify for a mortgage with a large derogatory/collection account on their credit report. If the buyer has to pay it off before or at settlement (or not at all) mainly depends on the underwriter/lender.
When it comes to a collection-type account, lenders will vary as to what exactly has to … (7 comments)

 
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Steve Kappre | NMLS# 217008 NJ Mortgage Loan Officer | 856-419-3561

Mantua, NJ

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