Posted on: 28th Jan, 2010 12:21 pm
I HAVE POOR CREDIT AND I WANT TO OWN A HOME. I AM TIRED OF APARTMENT LIVING.
guest, the first thing you need to determine is precisely how bad your credit report looks and then to acquire a plan to rectify that situation. lots of mortgage lenders will take a look at your credit and give you suggestions on how to improve your situation in preparation for making a purchase, without charge.
also, annualcreditreport.com allows you to review your credit once annually for free, and that's a helpful resource. there are plenty of other sites that offer tips on what to do to help yourself, including ftc.gov - the federal trade commission's website.
also, annualcreditreport.com allows you to review your credit once annually for free, and that's a helpful resource. there are plenty of other sites that offer tips on what to do to help yourself, including ftc.gov - the federal trade commission's website.
I agree with George
You need to find out what your credit score is like before applying for a loan. You can find a good lender who can help you with the steps of the loan process, but it may take some time to fix your credit AND probably collect a small down payment (fha loan)
You need to find out what your credit score is like before applying for a loan. You can find a good lender who can help you with the steps of the loan process, but it may take some time to fix your credit AND probably collect a small down payment (fha loan)
Hello guest,
The most important thing to check to repair your credit score is your credit report. You need to check what your credit report is reflecting, if there are any negative listings on the report. If there are negative listings, try to remove those by paying the dues that you owe. This will improve your credit score.
However if there are any wrong information on your credit report, you can send dispute letter to the credit bureaus. Otherwise the wrong information can harm your credit score. However it takes time to repair credit score. So you need to have patience.
Then you should check your credit score. The higher your credit score, the higher are your chances to get a loan to buy a home for yourself.
The most important thing to check to repair your credit score is your credit report. You need to check what your credit report is reflecting, if there are any negative listings on the report. If there are negative listings, try to remove those by paying the dues that you owe. This will improve your credit score.
However if there are any wrong information on your credit report, you can send dispute letter to the credit bureaus. Otherwise the wrong information can harm your credit score. However it takes time to repair credit score. So you need to have patience.
Then you should check your credit score. The higher your credit score, the higher are your chances to get a loan to buy a home for yourself.
a note: people need to be extremely careful when disputing an item on a credit report. automated underwriting (du, lp) that is used by virtually all lenders has changed its parameters so that disputes are handled negatively when spotted. rather than a loan receiving findings of "approve/eligible" - the desired result - many are receiving findings of "refer/eligible," which requires that the underwriter for the file re-review the entire file and make his/her own decision as to approval.
with all the conservatism in the mortgage industry and the fear that underwriters have acquired (i'm convinced), the likelihood of being approved on a "manual" underwrite after having received the "refer" finding has got to be quite minimal.
with all the conservatism in the mortgage industry and the fear that underwriters have acquired (i'm convinced), the likelihood of being approved on a "manual" underwrite after having received the "refer" finding has got to be quite minimal.