Posted on: 24th Apr, 2012 01:01 pm
my husband and i are wanting to buy a house our credit is not good but we have 12,000 to put down would this help our loan process
Determine a way that you can settle all overdue accounts using affordable time payments. Although these accounts won't be expunged from your credit report, they will reflect the fact that you have paid them in full, and the problems you have encountered as a result of having unpaid debts on your report will be reduced or eliminated.Make sure to review your credit card statement monthly to make sure there are no errors. Contact the credit card company right away if there are incorrect fees, so that they won't be on your credit report.
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The mortgage lender will take the lowest middle score between the two of you. Almost every lender will demand a minimum FICO Score of 620. Mortgage brokers are usually more flexible than the big banks and almost always charge considerably less (fees and/or points). Some brokers may have programs available for borrowers with bad credit (FICO Scores less than 620). Expect to pay several points with bad credit. :idea: