Posted on: 27th Dec, 2010 10:39 am
My experian score is 566, I don't have the other, but creditkarma.com states 623...so I'm guessing the other two vary somewhere within there.
I have 4 items in collections from almost 3 years ago (two credit cards,one $64 cable payment (will be paid), and one for $400 from an old apartment complex which I have been continuously disputing but getting nowhere on). I currently have a student loan being paid on time ($72/month), an on time car payment ($334/month) and two store credit lines that will be paid off by february. I am also in a credit counseling plan which will entirely be paid off in January (have been paying $323/month).
I am a teacher, making $38,000 per year in central Florida. I really would like to buy a home in August/Sept 2011. I plan to have $10,000 saved. Would it even be possible for me to get a loan? If so, what kind of terms would I be offered? Thank you!
I have 4 items in collections from almost 3 years ago (two credit cards,one $64 cable payment (will be paid), and one for $400 from an old apartment complex which I have been continuously disputing but getting nowhere on). I currently have a student loan being paid on time ($72/month), an on time car payment ($334/month) and two store credit lines that will be paid off by february. I am also in a credit counseling plan which will entirely be paid off in January (have been paying $323/month).
I am a teacher, making $38,000 per year in central Florida. I really would like to buy a home in August/Sept 2011. I plan to have $10,000 saved. Would it even be possible for me to get a loan? If so, what kind of terms would I be offered? Thank you!
Hi liveitup!
Welcome to forums!
You should try and pay off the items which are in collections. Once you pay off those items, it will have a positive effect on your credit scores and improve them. Once your credit scores improve, you will be able to apply for both conventional as well as FHA loans. You should shop around and speak to the local lenders in order to know what type of rates and terms you'll receive. This will give you an idea regarding the present market rates which will help you in deciding whether or not you can afford the mortgage.
This community, too, has a large number of lenders. You can speak to them and seek a no obligation free mortgage quote which will help you in knowing what type of rates and terms you may get.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should try and pay off the items which are in collections. Once you pay off those items, it will have a positive effect on your credit scores and improve them. Once your credit scores improve, you will be able to apply for both conventional as well as FHA loans. You should shop around and speak to the local lenders in order to know what type of rates and terms you'll receive. This will give you an idea regarding the present market rates which will help you in deciding whether or not you can afford the mortgage.
This community, too, has a large number of lenders. You can speak to them and seek a no obligation free mortgage quote which will help you in knowing what type of rates and terms you may get.
Feel free to ask if you've further queries.
Sussane