Another benefit to going with an FHA loan is the higher loan limit, which is as high as $729,750. This can be a real lifesaver for those living in high-cost regions of the country (this limit has since dropped to $625,500 as of 2014).
How long it stays on your credit report: CCJs stay off your credit report if you pay your debt in full within 30 days of receiving the order.Otherwise, it will stay on your credit report for six years from the day of judgment, regardless of payment.ow long it stays on your credit report: Although a DRO typically lasts a year, it will stay on your credit report for six years from the date the arrangement starts. Defaulted debt.
Also, the default will be reported to the three major credit bureaus. Your credit score will take a nosedive, and the blemish will stay on your credit report for up to seven years. In short, defaulting on a credit card bill has serious consequences. You should make it a priority to handle this matter as soon as you can.