Consider having a solid answer to the following questions.
1. What caused the bad credit.
2. Has that situation been permanately reosolved?
3. Are you prepared to settle or remove the bad debts?
4. How long has current job been established?
5. Is this job contractual or dependant on government contracts?
6. What is the age of the income earner?
7. What is the price point at which you want to buy? This is important.
The BEST approach is to spend the 6 to 18 months needed to correct your credit report and maintain timely payment history. These requirements are in place to PROTECT you.
Too often, citizens are impatient and insist on flying too close to the sun. For those there are options that are more costly.
Now would be a good time to CALL, don't use that 'contact' link if you are serious, a real estate professional to discuss your goals and your repsone to question 1-7. Your agent will then be able to identify the most appropriate real estate to purchase AND the lender most effecient at providing solutions for situation like yours. Very often this could involve credit counseling (fixing credit history) and optimizing your resources to create a more influential credit report.
You mentioned you are 'getting up there in age' in your question. This most certainly CAN work in your favor. If you are truly SERIOUS, pick up the pone and call a Monroeville, PA real estate professional.
Don't want to do that?
Try contacting a local lender who has a track record of investing in your community through small business and home loans. Simply enter the destination zip code or city name and select an "A" or "B" graded lender and be prepared to follow their credit counseling and repair program.
Go to: http://www.BankingGrades.com
Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line (http://FirstLookHomes.com)
Generally speaking, you want to have 2-3 accounts open and actively reporting your timely payments to all 3 bureaus. (Unfortunately, many credit unions and car finance agencies DON'T report to all 3 Bureaus---it keeps their costs low for their members! plus it keeps you coming to them for the BIG ticket items if you don't have the patience to wait and build your scores at the other agencies)
Manage these new accounts properly which includes paying the bills on time each month, balance not exceeding 30% of the limit ever and carry a small balance each month.
Before you know it, you'll see results.
The derogatory accounts may or may not need to be addressed but you can consult with your trusted local mortgage guy. Ask your agent for a referral. Most of them know a few competent ones.
We are located in the U.S but we fund people in and out of USA,are you in need of biz loan,loan to clear existing debts,house/home improvement or school loans etc,we are into all kinds of funding at an affordable interest rate.
You are expected to contact us now if you are in need of financial assistance via email address: email@example.com
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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