What now?
Date: Sun, 05/31/2009 - 16:25
-I have one major negative on my report. It was charged off 3 years ago, about 5500 dollars. (yeah thats horrible, but its paid off now)
-I have 2 other negatives both paid.
-Over the past year I've got 2 department store CC, both 300 limits. A secured CC from my bank of 1000 and recently got appoved for a mastercard of 1500. All are paid on time no balance.
So I'm slowly working my way up the credit score ladder. A year ago I would never been appoved for 1500 dollar limit. My question is: Am I in good position to get appoved for a home loan a year from now? As of now I have 10,000 saved up for a down payment and am looking in the 100,000 range for pricing.
Since you have a charged off listing in your credit report, you
Since you have a charged off listing in your credit report, you may not have a good credit score. In order to get a home loan, you need to have a score of at least 620. Now, whether or not you can improve your score to that level will depend on your current score and your payment history in the year ahead. Can you tell us your credit score?
I dont know ur income situation, but if you dont have any more o
I dont know ur income situation, but if you dont have any more outstanding debts on your credit reports, there are certain agencies that can help you, especially if you have a down payment. The USDA offers low interest FHA insured loans to higher risk or lower income home buyers. Also, if you want additional assistance, check with your city hall. A lot of cities offer down payment assistance to first time homebuyers if you purchase your home within city limits and take a class on homeownership.. That way you will have a bigger downpayment and a better chance of securing a loan if you dontgo through the USDA. go to HUD.gov or USDA.gov for more info if youre interested. hope this helps! good luck with your homebuying process, wish i could do it!
You could go to a bank of your choice and meet with a loan offic
You could go to a bank of your choice and meet with a loan officer and have them look over your credit report to see where you stand. Most of the time though they want you to have paid mostly everything in collections that you have. This is due to you don't want creditors slapping judgment liens to your property. Also you may have 10,000.00 to put down as a down payment but see if that is really going to lower your mortgage payment by that much per month than with 5,000.00 etc... Make sure you look for the best interest rate from the bank for the loan! And make sure you know all the bank fees UPFRONT so there are not surprises at the end of closing.