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amgtalent · Joined: 11 Aug 2009 Posts: 1 0.00 Dollars($)

I am in need of an FHA loan. But no one wants to help me.
owner occupied
South Carolina loan limit $200,160 (Spartanburg)
$190K purchase price
6% seller concessions
full income documentation
461 score
some lates in past 12 monthscurrently disputed alot of errors on credit report
no open tradelines
but can build alternative tradelines 2 yr rental history, 2 yr cell pone, 2 yr additional cell phone acct.
Can anyone help me?

JKennedySLG · Posted: Tue Aug 11, 2009 9:18 pm Post subject:

Unfortunately, with a credit score below 620 you will not qualify for an FHA loan. Although you may have begun making strides toward fixing your credit, you will need to just continue to build positive history and your score will increase. Please be patient and check back in with us here on the forum. Once your credit is up to par, we may be able to assist you in finding the best home loan for you. I hope this helps...

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi, Im going to agree with Jkennedy. Until you get your score up to 620 level there is not much you can do. Im sorry

gmakerley · Posted: Wed Aug 12, 2009 9:15 am Post subject:

if there are errors on the credit report, you must correct them so that your scores can be rendered more accurately.

what does this mean: "some lates in past 12 monthscurrently disputed "?? if you've been late, disputing that fact won't get you very far. after all, late is late, regardless. and that's driving your score down of course.
having no open tradelines is not going to do anything favorable to your score, so you're looking at a long period before you'll hit 620. alternative tradelines are acceptable to lenders only when a potential borrower lacks conventional tradelines.

you said "no one wants to help me." it looks to me more like you don't want to help yourself first.

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