Will I still need a mortgage for first time buyers?

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I’m like 9 things on my credit report 4 but are still there and two more next month and pay all these collection accounts like 2-7 years? It amounts to about $ 3,000 in debt. I have a property i own the right i paid 2 years ago and has a well drilled on this, I thought perhaps the equity? Please help with advice before I ask!

2 Comments
  1. Reply
    sethsdadiam
    April 29, 2011 at 11:55 pm

    If you’ve never had a mortgage, FHA is a one-shot deal. Otherwise, you’ll probably have to pay off those debts to get a loan.

  2. Reply
    Nena Symone
    April 30, 2011 at 12:15 am

    Typically mortgage lenders are more interested in your debt to equity ratio. That being said, just because you have $ 3000 in debt doesn’t mean you won’t get a loan. They are more concerned with your ability to pay the loan back (i.e. by your credit history) than how much you owe if it’s not excessive). Also, according to the IRS, you qualify as a first time homebuyer as long as you have not been the primary homeowner for the previous 2 years. Definitely take care of the credit report errors. Usually if you dispute them twice they will REALLY investigate and usually take them off. Talk to a credit counselor (if you have time) before you apply too – they can tell you the best way to fix your credit report and the most important factors in mortgage loan decisions. Hope this helps.

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