If you're not getting that feedback and support from the lender you're currently talking to, find another one who will help you. If you don't know where to start, contact a Realtor and ask for suggestions for good loan officers.
Hope that helps.
The group doing the first time homebuyers workshop should also have a credit counselor. Make an appointment to speak to them. They will go over your credit report with you and advise you what to do to bring up your credit scores.
I am not sure, but I think you are right about the 640 score if you are trying to receive CDA, DSELP grant money for your purchase. Is that the case? They do want to offer the funds to people that have a higher and more stable credit score. I just closed on a home with a couple that received a grant for their down payment and I work with a very good lender that knows this program inside and out. I would suggest that you call him as he is very proactive on helping you to clean up your credit and get your score up so that you can purchase a home. Give me a call and I will share some more information with you about the program and my lender friend. I would love to help a new first time buyer purchase a home. It is truly one of the reasons I am still working in this business. Nothing more rewarding to me than seeing a person close on their first home.
Better Choice Realty, LLC
I'm an agent that has a background in mortgage. FHA loans only need 620, so you're 2 points away. Some mortgage companies require higher scores, like the 640 you mention. All you really need is 620, and some lenders have products down to 600. Please visit http://www.findhousesinmd.com/mortgage-contacts.asp
and look into the contacts for 1st Mariner, and Chase. I had a client who just spoke with 1st Mariner about their 600 score program, was advised how to pay down some cards to get a quick rescore showing the few short points they needed to qualify. That client found a home in a week, has already done her home inspection last week, and is closing in 2 weeks. Good luck !
Each lender varies on their score criteria. FHA rules are 620. Some banks go lower. My contact at 1st Mariner Mortgage can do a 600 credit score. Visit my site for Tammi's number:
http://www.findhousesinmd.com/mortgage-contacts.asp She will even give you some aggressive tips to get scores even higher quicker. Good luck!
Ariana Loucas RE/MAX
That is something you'll want to work with your lender on. It's not difficult to raise a credit score in as little as 6 months. You'll need to make all payments on time and keep an eye on another couple of factors as well. Contact your lender for guidance and you will be in your home soon!
Advance Realty Timonium
PS: Read my blog entry on improving your credit score: http://baltimorerealty.blogspot.com/2011/03/monitoring-impro