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30000 Home loan

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Icon Mini Profile BenDeweese83





Joined: 06 Jul 2010

Posts: 3

2.09 Dollars($)
Post Posted: Tue Jul 06, 2010 6:33 am    Post subject: 30000 Home loan
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Hello, I am wanting to get a loan to build a home. This will be my first home and I am a little nervous about how this works. I have been having some credit issues. My experian score is 577, but it is showing an unpaid collection payment that was paid in April. I have contacted experian and they say they are in the process of resolving this. I am hoping once this is resolved it willl bump my credit up to 640-650. I own around two acres worth about 10000-15000 on a low scale and I make around 45000 a year. I plan on using my land as collateral and putting down about 3000 to get a 30000-35000 dollar loan. I have had a few car loans through this bank before and have never missed a payment. Will they go for this considering my credit?
Icon Mini Profile nelria12





Joined: 05 Jul 2010

Posts: 19

0.08 Dollars($)
Post Posted: Tue Jul 06, 2010 7:16 am    Post subject:
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i think you should resolve the issues with credit score with experian and then move ahead....
As i believe your existing credit score is not upto the mark.....
please improve score .
Icon Mini Profile sara
sara
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Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
Post Posted: Wed Jul 07, 2010 2:38 am    Post subject:
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Hi BenDeweese,

With a credit score of 570, it won't be possible for you to qualify for a mortgage now. You need to take steps to improve your credit score first. Though your credit score reaches 640-650 after Experian removes the negative item from your credit report, you will be able to get a FHA loan. In order to qualify for a conventional loan, you need to have a credit score of 700-720.

To know some steps in order to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Take care.

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