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BenDeweese83 · Joined: 06 Jul 2010 Posts: 3 2.09 Dollars($)

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?

nelria12 · Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)

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 .

sara · Posted: Wed Jul 07, 2010 2:38 am Post subject:

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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