The medical HIPPA form says that they will not share your private info with 3rd party companies.Credit bureaus are 3rd party companies, therefore, they broke the law and the collections must be deleted off the report. A 620 means less money down or down payment assistance, access to the VA loan and, lower payments.
Make sure your bank statements report no NSF's. You'll need about $1000-$1500 to start (deposit, appraisal, inspection). Although 620 qualifies you for VA, FHA is easier to qualify. Do a 30 year loan to show the payment super low (looks better). Later, you can refinance to VA if you wish. I still haven't used my VA loan.
Sr. Mortgage Banker
NMLS # 659743
There are several lenders that offer FHA loans with credit scores below 600, but they do require a 3.5% down payment. FHA does allow a gift from family and they do allow you to borrow from a retirement account.
I suggest you meet with a mortgage professional in your area to discuss your options.
C2 Financial Corporation
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Right now it is so amazing what houses are selling for. And you are right, often times, one can buy for less than renting.
My friend Vance McGhee will help you get a loan. He may even be able to help you now with your current credit score. He knows alot of tricks for raising scores. When I last spoke to him, I'm pretty sure he told me he could finance people with a 600 credit score
Give him a call at 404-449-2658 cell or office 800-333-3004 ext 3321 or website @ http://www.vancemcghee.com. He is very professional and will get the job done for you.
Good Luck, and if you need the services of a professional Realtor when the time comes to purchase that home, I would love the opportunity to work with you as well. Look me up, and search the market at http://www.townandcountryrealtyeast.com.
There are many mortgage brokers that will qualify at no charge. A lot of folks are in similar situations. You might want to consider asking a family member to co-sign with you. Best of luck and if you need a recommendation for a loan person, please email me at chrishodges40@ gmail.com. Thanks.