Home Buyer, Allentown, PA
this is what I did. If you have debt- negotiate them and pay them off. typically if you have not made payments they will take about 33%. don't ever take their first offer. But you have to be delinquent for them to negotiate. If you have any credit cards- keep 2 of your longest standing ones, make a $20 purchase every month and immediately pay it off. then you need to wait a year....because what they are going to look at is your last year of payments. you must pay everything on time, no late charges at all. Whoever you pay on a monthly basis, ask them to report it to the credit bureaus, and give them the what they need to do it- like your landlord, garbage man, whoever- even a storage locker. Look at all 3 of your credit reports, contest everything that is negative, everything. the worst that can happen is they don't take it off, but chances are some of it will. with FHA- you need 3.5% down, so decide the price you want to pay and that is what you will need. then you wait...until your score is 620- and it will take a year to 18 months...and call bank of america. Nobody else will deal with people like us who have had some problems, but have straightened things out and are OK now.