Posted on: 21st Feb, 2010 08:48 pm
If I pay my credit cards down by going through a debt settlement program, will I ever be able to buy a home?
yes, you will...usually you must have completed the program before a lender will consider granting you a new loan, however.
I just read FHA's guidelines on this yesterday, and it's the same with USDA and VA. I was surprised to find out you can get a FHA-insured mortgage after 12 months of on-time payments. Here's the link:
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551c2HSGH.pdf
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551c2HSGH.pdf
Yes but there are other factors like down payment and credit score
Debt Settlement is treated like a chapter 13 bk for FHA
With conventional it is unlikely
Make sure the DS is being reported properly on your credit report
Debt Settlement is treated like a chapter 13 bk for FHA
With conventional it is unlikely
Make sure the DS is being reported properly on your credit report
