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Guest

I have made some drastic financial errors in the past 7 years. I have never filed bankruptcy but have 3 charge-offs from 5 years ago and a number of late payments. (It was a hard time for me) I have had credit cards for the last 2 years now and have always been on time with those. I rent an apartment now, but I really want to buy a home. Are there ANY programs that will assist me? I am looking to move to GA. from South Florida. I realize that interest would be higher if anyone would mortgage me, but is it realistic for me to look for a loan at this point?

Guest

It is true that the interest the lenders will demand because of your poor credit history will be higher.

You will have to compare the interest payments on the mortgage and the rent payments you are making and if the total payments for the mortgage come to near about same as for the rental payments then you can think of the purchase, otherwise it will be better to wait for some more time and improve your credit.

mcole · Posted: Mon Oct 30, 2006 11:23 am Post subject:

Obviously, there are a lot of other factors that affect qualifying for a loan. But if your credit problems are primarily from 5 years ago, and you've had good payment history for the past two years -- you shouldn't have any problem getting a loan. In fact, there are programs for people 1 day out of bankruptcy.

Cool

Guest

Yes I also agree, 5 years is quite some time and you are saying that for the last two years you have been regular with the payments on your credit cards. That would have certainly improved your rating.

Caron

Hi Guest,

Having charge offs and late payments do not make you a bad person and as it has already happened, you need to live on with it. Charge offs generally stay on your credit report for 7 years and 180 days from the date of the first nonpayment as stated in the Fair Credit Reporting Act.

A charge off does not remove you from the obligation to repay the unpaid debt. The lender or the collection agency can still come over to you to collect the debt. So, if in case you haven't paid those debts, try doing it before you seek a home loan. Paying off the debt will not remove the charge off from your credit report. But your report will be updated as "paid charge-off".

As far as the home loan is concerned, you will getting higher interest rate on the loan. You need to search for a lender who is willing to offer you a slightly better rate than the higher ones offered by others in the market. But the best thing for you will be to wait for some time and build up good credit. You may refer to our section on How to improve credit score for more suggestions on this issue.

Thanks,

Caron.

Guest

You will be fine! Lenders have programs for first time home buyers that you can qualify for. You might even be able to get 100% financing if your charge offs are that old. If you need any more info please feel free to give me a call @ 954-687-9240 and ask for Mike Kneuer or ext 347. Or shoot me a quick email and I will respond ASAP. Thanks and good luck in your home hunting!

Guest

First address the issue of moving to GA from S. Florida. Where will you work and live? What are the price ranges of where your moving to.

There is always a program for Less-than-perfect credit customers! That's the GOOD NEWS! Next question, will you be able to afford it?

Yes the rate is higher, yes you will pay more...Homeownership is the best thing you can accomplish financially speaking. With tax deductions, etc..

Not to mention increase in equity by values increasing yearly and possibly allowing you to refinance at a lower rate after paying on time for at least 2 years.

Really, past credit issues are 'water under the bridge' so to speak...re-establishing and moving forward is the KEY! Smile

Guest

HOW CAN I QUALIFY FOR FUNDING...MY CREDIT SCORE IS 560 POINTS..I HAVE TWO REPO'S ON MY FILE THAT I CO-SIGNED FOR SOMEONE ELSE.I HAVE HAD STOLEN IDENTITY FOR THE PAST 15 YEARS...CAN SOMEONE PLEASE HELP ME WITH THIS SITUATION??? IS THERE SUCH A LENDER AND WHAT DO I NEED TO DO???THANKS/JOANNE

gmakerley · Posted: Mon Nov 10, 2008 2:25 pm Post subject:

so much optimism! some it is warranted, some not.

we also have some nifty little advertising going on - mike, i guess you didn't read the guidelines for posting on these forums. please do so and refrain from overt advertising. it goes against the grain on here.

problem credit doesn't always have to be problem credit. however, in 2008, in the environment we are currently traversing, you'll likely have to pay all those old charge-offs (either by settling, or by paying in full). your credit scores will improve once you've done so, contrary to popular opinion.

i like your thinking IFIX, as to the move from Florida to Georgia, and where will funds come from, where will job be, etc. that's good thinking.

yes, there may very well be a loan out there for our migrant borrower, but it's not going to be anywhere near as easy as it's been painted in this stream. i hope that in seeking your fresh start, that you'll be ready to be put through the proverbial wringer, seeking.

Guest

I would love to help. Email me, and let's discuss!

MSmith@PrecisionFundingUSA.com

I am on line now!

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Is it possible to get a 1st mortgage with a poor credit hx?