Credit Reports Kentucky
2010
FHA loan.. bad credit?? And income to home cost?
I only owe like $2000 thats negative on my credit report. I make $2000 a month and I’m wanting to buy a home here in Kentucky for $85,000(thats the asking price)… If I pay off my debt.. will I qualify for the loan.. and with my income, will I be able to get a $85,000 home?
It depends on how recent the $2000 negative tradeline is. If its within the last 3 years, many lenders will require that it be paid off. If its older, most only require a letter of explanation as to how that debt occured, why it was never paid, and a promise that it will not happen again. After about 5 years, its rarely even mentioned by the lender. Especially if you have displayed exemplary credit habits since then.
You should never pay a collection agency unless you have to. It does not improve your credit in any way to pay them. Ever. The only way you should be willing to pay is if the CA agrees to delete the negative tradeline in exchange for payment. Pay for deletes are best negotiated near the end of the month when the CA reps quotas need to be met. Get all arrangements in writing prior to paying. This is important. They can always claim they never made that deal with you (and they will) if you do not get the agreement in writing.
Different mortgage companies have different requirements. Normally every lender pull of your credit will lower it, however when shopping for a mortgage you have 45 days of unlimited mortgage company pulls that will not negatively impact your credit.
So shop around. You’ll find a mortgage company that will work with you without requiring you to pay off that $2000. Trust me. And enjoy being a homeowner. 
Hope this helps.
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