Vickie it sounds like you have made great strides in cleaning up your credit history. Now you need the big 3 to take it off your credit reports which will take some time but it will improve your score. On time payments are always a plus toward raising your credit score. I have the guy that can help you secure a loan to buy a home now or in the future. Contact me by going to noelharris.net.

Vickie,

I agree with most of the answers that have already been submitted. Here's another idea for you. With the Real Estate Market being a little soft, there are many Sellers that have had their Homes on the market for a long period of time. You may consider a Lease with Purchase Option. You can negotiate the terms of your Purchase up front, and set a closing date sometime in the future (1 Year perhaps). You move into the home and make lease payments while you are continuing to repair your credit. Hopefully at the end of the Lease period, your credit will be restored to the point at which you qualify for a Mortgage Loan. You could even negotiate that a portion of each months lease payment be applied to the Purchase Price or Down Payment.

Vickie, First things first-Larry below is right. Now is a great time to buy!!! Contact a loan officer and let them see what your credit score is. Dennie Dowell at Commonwealth Bank is great !! His number here is 270-982-2265-You probably know of Commonwealth since they have several locations around town. I just closed on a house off of Billtown Rd and my Buyer priced shopped for the loan and Commonwealth came out clear winner. The Buyer went FHA-which is probably what you may want to do. Also there are KHC loans which might be an option for you. FHA is offering a $100 down payment option right now on their HUD owned homes-that can really work well!!!
Anyway, call Dennie, (or someone that will tell you if you're ready or what you need to get ready), get your score. he'll tell you whether you are ready and if so, I'd be happy to help-just let me know.
Anita Pettit, GRI, REALTOR
Coldwell Banker McMahan
anita.pettit@coldwellbanker.com

Vickie, It sounds like you are getting back on track. You have several things going fo you, Some items on your credit reoprt are being paid off and you have been on your job for a while now (lenders like that). Keep paying things off and absolutly do NOT be late on a car loan or credit card. My husband is a loan officer and I know would be willing to help you with the pre-qualifing process to finance a home if you are willing to drive to Frankfort. (Donavon Davis @ 859-948-9816). Good luck!

You would probably be surprised to find that you are in better position to buy than you think. Talking with a mortgage counselor would be your best bet.

They can pull your credit, review it with you and advise as to the amount of mortgage you might qualify for.

With interest rate as low as they are and the availability of homes to choose from this is a great time to buy.

Vickie,
The most difficult part of your question is that you said you have bad credit right now. It sounds like you're doing some of the right things to get your credit back in good shape.
You should consider talking with someone that can give you solid advice about how to keep that up and get your credit score where it needs to be to qualify for a home loan that you can afford.
The recent 'mortgage crisis' is indicative of many things gone wrong and only one of them is that lenders were willing to loan money to anyone that could "fog a mirror".
There are many lenders available to you in Louisville, KY including reputable national lenders and local lenders. Seek the advice of a trusted advisor such as a Realtor or lender that you've been referred to by a friend or family member. Make sure that the person recommending a lender has personal experience with that lender and that they'd happily use that person again for personal business.
If you're not ready yet to qualify for a loan, it's through this counseling you can come up with a plan to work over the next six months to 12 months to improve your situation and perhaps then you'll be in better shape to borrow the money you need for the home you want.
You may be happily surprised to find that a great lender will counsel you on buying within your means and helping you with a game-plan for finding something that you can afford now, and in the future.
The fact that you're in the same job for 7 years is a plus too.

I am a realtor in Phoenix, Az. The first thing I suggest is you find a lender in your area you feel comfortable with and show them your most recent credit report. It sounds like you have some good positive tradelines and a good lender will guide you through the whole process

I am a realtor in Phoenix, Az and I suggest that you contact a lender in your area and ask him or her to explain the different programs to you. It sounds like you have some positive trade lines and there may be some programs available. Start with the lenders at the bank where you bank