you might consider doing a lease-option.

Hi Chantale,

There are a couple of options and I would love to share them with you. Feel free to contact me, anytime: 704.499.1291. I can meet with you and let you know what's available.

Thanks, Mechelle

We have no credit obligations..we have 2 credit cards with a $10 balance and a car payment that is always paid on time. Income a month is $3500.So the money is there not the credit. When my credit report was pulled the only thing on there was the medical bills and judgment. I was told not to pay the medical. Why is my score still low.Yes I want to buy right now..why not..the prices are good along with interest rates. By the way Mrs.Fliegel all our obligations are meet. Thank you

You don't need good credit to buy a home from us go to my web page fill out the information I'll contact you http://www.equitysavesyoumoney.com EDGAR

Wait to get a loan, do not over extend yourself!
Here are five easy steps to managing your credit:
Less is more: Don’t apply for store credit just to get the 10% off. Frequent credit inquiries and numerous revolving lines of credit (credit cards) will lower your score.
Know thyself: Pull a copy of your report at least annually for free from http://www.annualcreditreport.com to check for inaccuracies and address them as soon as possible to minimize their impact on your score.
Pay your bills on time: Pay the full amount due on secured loans each month. If you can’t pay the full amount due on secured loans, request to make an interest-only payment until you can make the full payment.
Play the percentages: Credit card balances below 50 percent of the credit line is good, but 30 percent is better.
Protect your identity: Keep your good credit score intact by shredding all unnecessary financial information. Protect online accounts with challenging passwords and be cautious when giving out your SSN as an identifier.
What if you find an error?
To protect your rights, report every error in writing. After you’ve notified a credit-reporting agency of your dispute, by law they have 30 days to investigate. If the credit-reporting agency can’t verify the information, it must be removed. If the information is later determined to be accurate, it will be reinserted on your report.
Simple ways to improve your score:
• Pay your bills on time.
• Pay the full amount due on secured loans each month.
• If you can’t pay the full amount due on secured loans, request to make an interest-only payment until you can make the full payment. Learning how your credit score impacts your ability to purchase goods and services will help you make wise financial decisions regarding when and where to use your credit.

Hi Chantale,

Your score will not just shoot up if you pay your obligations. In fact many times a payment on past due accounts can lower your credit score.

It appears that you are in such a hurry to 'get a home loan' and from the amount of responses many are willing and able to help you try to get one.

Did you know that you can qualify for a home loan with a credit score as low as 620. This is a terrible credit score and the mortgage product available is loaded with fees because of your low score.

Why not take responsibility, pay your debt obligations as you originally agreed. Then work on improving your credit score and take your time finding a good quality mortgage product? This way you set yourself up for success long term and stop living on the edge of financial ruin. Even if you do not take this advice and move forward and get a home loan. You probably will not qualify for a great mortgage product and you will be like so many other Americans.

Good luck to you!

Hannah Fliegel, FICO Pro

Hi Chantale,

It sounds like you are very close to being able to purchase a home! There is an organization that loans to people with as low as a 580 credit score. I do agree with most of the responses in that you will need to pay that judgement but if you can afford to do that you may have an option of taking care of the several programs that will assist in making your down payment, this way you can keep your 3.5% that would have been used for a down payment and utilize it to pay off the judgement.

If you have any further questions give me a call or send me an email. Kandace 704-724-7943 or kandace@kansellshomes.com

Wells Fargo now offers FHA financing to buyers with a credit score as low as 500 however they require 10% down and 2 months in reserves.

That being said, I would recommend you first carefully analyze your personal situation to determine if buying a home is right for you right now. Just because a bank will give you a mortgage at a higher rate or with a larger down payment, doesn't mean that you should. That's how so many sub-prime borrowers got into trouble. I would recommend enrolling in credit counseling to determine the best course of action and begin taking those steps. The home you want will be there when you're ready.

If you would like a Wells Fargo recommendation, Liz Ciardi is the best 704-756-4059

Chantale,

I'd recommend calling William Roseberry at WR Starkey Mortgage (704-622-6896). He's very good and very ethical and will provide you witht he clearest picture possible of your alternatives.

Bill Ahls, Broker Owner
NHB Group, Inc.
704-780-0654 http://www.NoHassleBroker.com

Chantale talk to a mortgage professional in your area.
A referal from your Realtor® would be a good place to start. I had a closing once where the buyer needed to bring a certified check to pay off a collection at closing. The collection was under 1000.00 and that way the lender knew that the collection was paid off. You are at the mercy of the credit reporting companies and the people doing the collection to get your credit report updated in a timely manner.

The only true way you will be able to know if this is acceptable is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. be careful of what you put online or email to anyone. fac eto face is always teh best.

Please see my blog with tips and advice on how to get a mortgage in todays market

Chantale,

Your best bet is to talk or meet with a mortgage broker who can guide you check out my guy.
He is the best..
Christopher Reshetar
Mortgage Consultant/Branch Manager
New American Mortgage
Cell: 704-277-4463
Fax: 980-322-0749
chris@themortgagegenius.com

***Here is a better way search for your next home. Look in the "Short Sale /Foreclosure" market you may save 30% -40% -50% on the home purchase price. There are plenty of excellent short sale/foreclosures in in every city to find the one for you may take a little time and alot of work for your real estate agent but it will be well worth it for you.

As a buyer "Short Sales" & "Foreclosures" are all about the money, the money you can save versus buying a retail MLS home. If you can't save 40% - 50% - 60% on a home including any repair or cleanup cost you should run away. There are too many excellent choices for a qualified buyer.

I have sold and purchased "Short Sale" & Foreclosure" homes in beautiful condition fully furnished where the sellers just walked they wanted out. Also homes that were junkers but the deal was too good to pass up it's all about the $$$.

My wife and I live in a home we recently purchased as a "Short Sale" it was alot of paperwork and time for me the agent. But in the end the bank reduced the amount they were owed on the loan by $325,000 we got a great deal. The home did not need any repairs as most foreclosures do it was move in beautiful condition. With "Short Sales" be flexible your time frame and with the location to get the best deal.

Thank you,
Bill Carey, Broker/Realtor
Cell 704-905-0740
Fax 866-343-5945
Bill.Carey@HendersonProperties.com
http://www.HendersonProperties.com

Wells Fargo is one example of bank that accepts scores as low as 600. There are others as well. However, I would suggest you work with a non profit counseling agency that can not only direct you to lenders, but also analyze and advice you on your credit situation and prepare you for home ownership in other areas. One way is to help you find and even combine sources of financial assistance, which can be quite substantial, which can be used for down payment, closing costs or pre-paids.
Much depends on your specific situation and where you are interested in purchasing.
Feel free to contact me for a list of agencies working with first time home buyers and buyers wanting affordable housing.

Helga Armfield, Broker and Realtor
Certified Workforce Housing Specialist
Explorealty
helga@explorealty.com
704 502 8724

Pay the collection only if they will agree to delete it from your record. Report can be updated in as little as 3 days, then apply for mortgage. Judgment can be paid during the process after the score has been raised. (paying judgment could lower score initially). There are programs still available for 620+

Josh Hedspeth
Mortgage Consultant
704.488.7777

talk with a mortgage professional...but I agree with paying the judgement off. Paying the medical might not do much to boost your score since they are still going to be on there. If you want to give em a call or drop me an e-mail I will be happy to connect you to soemone who might be able to help you out.

NACA, as suggested by another is a good answer (if you have patience)... A credit union could be a possibility. Or Lease Purchase.

Best wishes,
Matthew Tringali
Owner of Group 15 Real Estate
matthew@group15realestate.com

If you pay your medical bills off your score will drop depending on the age of the collections. Pay the judgment for sure and pay the secured cards balance down to 30% of the credit limit..that will give you a score boost. Any more questions you can email me at fcoxx@kwcharlotte.com

There is financing programs now available for folks that have as low as a 500 credit score. Call me at 704-421-4777
Mark

NACA is not score driven, and they will help you get your credit straight for free. One caution, you have to have patience and be ready for lots of delays. The interest rates are very low as well. Your other option would be to do a rent to own. Let me know if you need any additional information. I have a dynamite lender who can help you at no coast as well.
Rosemarie Ledogar 803-207-5973