Re: Fiance's credit. & home loan.?

Posted by Marcy (68.102.107.234) on June 08, 2003 at 23:01:53:

In Reply to: Fiance's credit. & home loan.? posted by Frustrated on June 08, 2003 at 21:36:52:

I don't know if this will help you out or not, but from my experience in order to qualify for a home loan your debts have to be paid in full or you have to have filed for bankruptcy. I think for FHA loan if you file chapter 7, then you have to wait two years to apply with no adverse credit. For Chapter 13, it is one year with payments on time and approval from the judge.
If you do settle make certain you have a contract from the original creditor stating that if you pay a certain amount then the debt will be paid in full, if not, then they may still report you owe some on the debt.

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