Home Buying in 44646>Question Details

Randy Johnson, Home Buyer in 44646

I'm going through student loan rehabilitation and have made 4 out of the 9 payments needed to get it out of

Asked by Randy Johnson, 44646 Tue Feb 24, 2009

default. How long before I can look for a house? The i'm finishing paying off my last 3 negative account in my credit totaling less than 1500 dollars. Will it be possible to get a home loan this spring? i make $37000 per year.

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Hi Randy
I have to believe your credit scores are less than perfect because of your situation, so an FHA loan will probably be your best bet. The progam is a little more fogiving in terms of credit and the rates arent credit score driven, meaning there is no minimum score requirement.

However if your credit is imperfect then most lenders will want to see that you are working in good faith on improving your credit and your finances. This usually means a 12-24 month track record of no delinquencies or collection accounts and it wouldnt hurt if you showed a pattern of being able to save some $$ up over the course of at least 6 months.

You should speak with an experienced, reputable lender right now to see where you are at and where you need to be to qualify. Someone local, not one of those internet yahoo's without an office or a local presence. A good loan officer should be able to help map out a gameplan for you so that it puts you in the best position to attain your goal - be it 3 mos,6 mos, or a a year down the road.

Cleaning up your credit and qualifying for a home is like training for a marathon. You need to work hard and it doesnt happen over night

Best of luck!
0 votes Thank Flag Link Tue Feb 24, 2009
Randy I think you will be fine,as long as your student load isnt deferred as they say.Get with your lender and run this by them and they will tell you where your at.Good hunting.

Regards;

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Wed Feb 25, 2009
Thanks for the answers. I'm basically getting a feel of what I need to do next with my credit. After checking with my bank, i found that I have a 609 credit rating with 4 negative accounts. 3 of them are from the same bill from an old credit card. The primary credit company, the collection company that bought it who garnished my wages which brought the 3rd negative. All from one credit card that went bad. My other credit card was late several times when I was laid off from work.So credit cards let me have 4 negative marks on my credit. My student loan isn't showing on my report anymore.
I could have filed bankruptcy but I've fought hard for 5 years to pay off all of my own bills. I wish creditors would see what I have done to keep out of bankruptcy including no loans or any help for almost 7 years since my being laid off a couple of times from 2000-2003. I guess i should have filed then and just got my student loan better faster instead of paying massive late fees and interest on credit card bills that went up when I was out of work. all I have to do is pay off a couple of old utility bills then I'll owe nothing.
thanks.
0 votes Thank Flag Link Tue Feb 24, 2009
what area are you looking in?
Lee
0 votes Thank Flag Link Tue Feb 24, 2009
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