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ramonahudsonchristene · Joined: 13 Feb 2010 Posts: 1 1.48 Dollars($)

I have a middle credit score of 586, I just paid off everything on my credit report last week. I have 5,000.00 in bank for downpayment ,can get 2,000.00 more by next month. I don't want to rent anymore, I have three children and my landlord keeps going up on the rent. The average rent for 3-4 bedrooms in my area is 1300-1600 a month. I want to get the 8,000.00 crdit. I have someone from the homepath councling list to help me but I she is just hoping I get aproved I want an honest, non bias answer of my chnces for getting approved. I have no other debit nor do I own any credit cards.

Niicss · Posted: Mon Feb 15, 2010 3:48 am Post subject:

With a credit score of 586, it won't be possible for you to get a mortgage. You would require at least 600-620 credit score to get a FHA loan and 700-720 to get a conventional loan. You will have to improve your credit score and then apply for loans.

andrew · Posted: Thu Feb 24, 2011 12:22 pm Post subject:

The Minimum credit score allowed is a 620 with Homepath. Also the required down payment is determined by the credit score. With a 620-659 you would have to put 20% down.

Andrew M
Commercial Capital Funding

[External link deleted as per forum rules. Thanks.]

Guest

what are the ratios allowed and how long after a chapter 13 BK?

smithsussane · Posted: Mon May 02, 2011 11:35 pm Post subject:

Hi den!

Welcome to forums!

After you're discharged from Chapter 13, you need to wait for 1 year to get a FHA loan and 2 years to get a conventional loan. In the meantime, you should take steps to improve your credit score which will in turn help you in getting a mortgage.

Feel free to ask if you've further queries.

Sussane

Guest

my apologies for not asking the question correctly and for a Home path Mortgage, what are the ratios allowed and how long after a chapter 13 BK?
den

Guest

It is your lender who will be able to let you know the ratios for getting HomePath mortgage. However, after a bankruptcy discharge, you'll be able to get a mortgage after 3-4 years

Guest

Thank you.

davidbaker · Joined: 21 Apr 2011 Posts: 24 7.49 Dollars($)

Paying off everything and not having credit cards is not always the best thing you can do for your credit. In fact, not having any open revolving consumer accounts hurts your credit.

If you're going to pay off negative items on your credit you need to obtain a pay for delete in writing. In other words an agreement to where you pay the money that you owe and they delete that negative item off your credit. This is only if it is within your states statute of limitations. Now that you have paid these negative items you'll need to dispute them to get them off of your credit. That could be a little tricky because you have recently paid them which means the date of last activity has been updated as well as the amounts owed. Not impossible, you just need someone who knows what they're doing.

To raise your credit score even further you need to obtain positive tradelines. One way you can do this is if you know someone that has good credit and has had a couple of credit cards for a long time that they've always kept low balances on. You would need to become an authorized user on this account. It will immediately reflect all of their positive payment history onto your credit therefore raising your score.

This process should take a maximum of 120 days. By that time you could have found a home within your price range that you will be ready to obtain a loan on once your credit is repaired.

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