FHA loan qualification

My goodness, but you are up late! It is possible for your husband to have that debt not counted against his credit for the purposeof obtaining an FHA mortgage loan. I can only personally do mortgage loans in CA though I would be happy to refer you toan associate who works for P R M I in Tennessee. You can contact me at larrygraymortgage.com or email meat lgray@clrloans.com

Sadly, whatever loan he has cosigned on that has several 30 day lates is going to be an issue right now, he needs to get that handled. The BK isn't really an issue since it was discharged 3 yrs ago. I think he could qualify right now based on a score of 697 if not for the cosigned account that is reporting several lates....what kind of account is it? If it's a mortgage then he's in trouble.

The late payments are not good but not necessarily a "deal killer" - as Travis stateted, it will depend on the details. After having had a bankruptcy those late payments will hurt him more than someone else. What type of loan was it that he co-signed, and is he truly the co-signer? The rest of his profile as a borrower will be very important as well as debt ratios. His cash reserves after closing will be a big help. etc. While the vast majority of my business is local, I can and do handle loans in Tenn occasionally and would be glad to evaluate his options. pdumouchel@primelending.com or my website http://pdumouchel.primelending.com

what kind of loan did he co-sign for car, personal, home??

Mary,As some of the other individuals have said in answer to your question. When someone co-signs for someone else they in fact are saying they are as responsible for that account just as much as the individual getting credit. What lenders look at is a track record of paying on time especially if there has been a BK. In this new mortgage environment, I would say that even with a large downpayment & a middle score of 697, the reality is, it will be virtually impossible for hime to get a loan. It is very tough in todays market to get a loan with blemishes on your credit & unfortunately co-signing for somebody & they don't make their payments on time is not an exception to the rules.

Speak with a local mortgage broker not a bank.

Have you tried disputing the account with the CRA's. Many times an original creditor will not reply to the CRA's on disputed accounts that are paid off and closed. You may get the account completely deleted. You can dispute the lates as not being his in writing and the lates will either be deleted or the entire account deleted. Now if you decide to dispute the debt do not have your broker/LO re issue the tri-merged credit until you have received updated credit reports from all three CRA's in the mail. During a dispute process the scores temporarily drop until the investigation is complete. Once you have your updated reports in hand have the broker/LO re-issue the credit.. Best of Luck