Home Buying in Oklahoma City>Question Details

Racheldrober…, Home Buyer in Oklahoma City, OK

Credit score 650, verifiable income of $2500/mo and would like to purchase my first home. What are my chances and what can I do to improve them?

Asked by Racheldroberts, Oklahoma City, OK Thu Sep 17, 2009

On my credit report I have only 1 open acct, a student loan with no late payments, 20% paid off. I do have some collections but they are all paid off and the most recent is over 3 years old.

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3
Hey Rachel:

Did you ever buy a home? I'm just curious to how everything worked out for you. Post something and let us know, if you want to share.

Thanks!
0 votes Thank Flag Link Mon May 10, 2010
Rachel-
You are actually more of a competitive buyer than you think. You have a good score and your collections appear to be quite old. Not only that, but alternative items like rent checks, insurance, utilities, etc can be used to help build up your credit worthiness. If you need some assistance with learning the way that the system works, you are welcome to contact me.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Thu Sep 17, 2009
FHA loans will allow for what is called non-traditional credit sources. These sources include, Rent, Car Insurance, Cell Phone bills, Utilities ETC.. Call me if I can be of assistance.
0 votes Thank Flag Link Thu Sep 17, 2009
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