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i & my wife want a new home and are trying hard to get a morgage. we are geting rejected b'cuse of our scores - mine (590) wife (540). main reason for our rejction is we have got a crap load of colections appearing on cr. brokers say that we need to take care of the colections. my wife is sad by this news as we have tried a lot to get our scores up. we have taken secured cards, paid truck note on time each month and repaid student loan just to see scores inch up by a little then again got slammed by a freaking colection 1-2 yrs ago. right now me, my wife and kids are living with parents. we are beaten down right now and parents want us out of home. we make $75,000/yr. and are trying to live on a budget. i've read that a home buyer program, naca is good as they don't expect borrower to pay all the colections. will this be good? we have matured a lot, but seems can't outrun irresponsible financial decisions of our past. what in the world we should do? pl help us, we do not know which way to turn to.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

I'd like to know how much you currently own in collections between 2 of you & how old they are?

Are there any recent derogatory marks on your report like lates, chargeoffs, bankruptcy, or is it only old collections?

Miller

Guest

What price range you are looking to buy the house in. The reason is that for NACA program there are maximum purchase price limits within which the house price should be to qualify for the program.

Guest

For NACA program perfect credit is not a requirement. Read more - naca.com/about_naca/nacaProduct.jsp

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Fannie Mae MyCommunityMortgage provides for use of nontraditional credit histories. You might explore this loan option too.

Give us few more details like your other monthly debt payments so that we cannot figure out your debt to income ratio and if it is too high or not.

Regarding the collections appearing on your report, check how old they are and if they can be negotiated and removed from report. Dispute any entry which you are sure is showing wrong information or does not belong to you and try to get in removed with the bureaus.

Caron

Hi Garrett,

Welcome to our forums.

It's really sad to know that your parents are behaving in this way. They should have been with you at this time when you need their support. An, indeed, you have tried a lot to improve your score. But you know things at times do get worse and then we really have to try hard to get out of such financial troubles.

What you've heard about NACA mortgage is quite correct. NACA offers home buyer programs at interest rates which are below the market rate. Besides, there are no fees or closing costs, no requirement for perfect credit and no down payment.

The NACA provides home loans for borrowers having credit problems such as collections etc. By offering home loans to such borrowers, NACA helps them repay loans at lower interest rate and thereby improve their credit to become prime borrowers later on.

You can contact your nearby NACA office to get the details about the loan programs they offer.

Good luck

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