My husband and I are in the process of paying off most of our debit but he still has his school loans as a debit, we just want to see how much we need to work to repair our credit and how long it can take, to buy our first home.
6 Comments Already
May 7th, 2010 @1:16 am
I found that going through a loan agent or World Savings worked for me. Considering I had bad credit. I was told that a score of 620 would qualify for a loan with higher interest rates. Good luck.
May 7th, 2010 @1:43 am
With a credit mid score of 500 you can qualify for a loan- not a 100% loan- but a loan. Depending on your credit history you might qualify for an FHA loan which is not credit score driven and only requires you to not have any outstanding collections. Also, even thought you are doing teh “right” thing by paying off your bad debts, that activity alone can cause your credit score to go down. It is far better to speak to a Loan Officer or Mortgage Broker and have them look at your credit and advise you on the direction to take. I have done hundreds of loans in California and would be happy to help you through this process. Go to my website and give me a call.
May 7th, 2010 @1:51 am
THERE ARE LOANS FOR ANY CREDIT SCORE IN CALIFORNIA. BUT THE CATCH IS THE LOWER THE SCORE THE HIGHER THE INTEREST AND COST OF GETTING THE LOAN. SOME CHARGE EVEN HIGHER THAT CREDIT CARD RATES SO BE CAREFULL AND WISE. THERE ARE LOAN CHARKS OUT THERE AND THEY BITE JUST AS VICIOUSLY AS SHARKS. THAT’S WHY THEY CALL THEM SHARKS.
May 7th, 2010 @2:42 am
I am a Mortgage Banker…We have stated programs for even the lowest credit..I even have a few nich programs with 100% financing..
May 7th, 2010 @3:31 am
There are many subprime lenders that will provide 100% financing towards the purchase of a home for 1st time home buyers down to a 580 fico score. Seek out the help from a mortgage broker, who will review your credit profile, income and job status and place you with a bank where you qualify. There are a variety of loans to choose from and lenders that specialize in no money down purchases depending on your particular needs. Remember, continue to make payments on time as this will help raise your fico score. To get a copy of your credit reports, go to myfico.com- it is secure and provides you with the scores from all three credit bureaus. There is even a fico score simulator that helps you make appropriate decisions regarding your credit. Finally, when shopping for a loan keep in mind that the more your credit is pulled, the more it affects your score- so be wise about how many places run your credit.
Every bank makes their own rules. Go talk to a loan officer at your bank. They would be happy to talk to you and to give you advice about credit repair and a strategy for purchasing a house.