Dear Ade,

Your credit score of 648 is considered a low credit score. Although you can qualify for a mortgage with FHA you will pay a higher interest rate. The higher the credit score, the lower the interest rate. The statute of limitations on your collections has expired, the time limit is 4 years. However, the negative trade lines will remain on your credit report for 7 years.
Through credit restoration you can get improvement to your credit profile so that you can get your credit score up to the 720 or hopefully the 750 range in order to qualify for a much better interest rate on your mortgage.
I can assist you through credit restoration.
Again, you will qualify for a mortgage with your current credit score, however you will not qualify well. Imagine having a good credit score one that you can be proud of?
By the way, you will need a credit score of at least 680 to qualify for a car loan.
A good credit profile will provide you with
low interest rates on mortgages
low interest rates on car loans
low fees on ultilities
low rates on auto insurance
positive results for job screenings
Good luck!

Ade,

Please contact Niki Igel, 630-854-7434 or Jennifer Borik, 815-685-2088. They both are great FHA lenders who will take care of you and get you approved for a loan the same day, over the phone, for FREE! I have been working with them for over 8 years and they know FHA VERY VERY well! Those numbers are their cell phones, tell them Carmen from REMax referred you and if they do not answer, leave a message, as they will call you back asap, even if it is a Saturday or Sunday! They are AWESOME! Best thing is that they will take your application over the phone for FREE or send you a fedex package with the application. Then after they approve you, I can set you up on an AWESOME email program that I have, that will send you AVAILABLE homes that fit your criteria. It is a very wonderful program. The best thing about all this is that my services to you are also FREE! I am very good at getting the seller to pay closing costs, attorney fees, and even home owners insurance, with creative financing. Give me a call, 708-533-0515. I look forward to hearing from you. One more thing, don't be afraid! My lenders will make you feel very comfortable. Call them! Time is running out on the $8000 Free the government is giving. You need to close on a property by November 30th, if you do not own a home or have not in the last 3 years. You do have a HUGE chance of becoming a home owner.

Carmen Keslin E-Pro
ReMax 10 In the Park
trulia@CarmensHomes.com
708-533-0515 cell

Late payments always does hurt credit history. Late payments or medical collections are common given how insurance providers are slow to pay their portion of coverage for medical services. As with earlier posts, the right mortgage professional would discuss FHA financing to improve your chance of getting approved for a mortgage to close your purchase. When you are ready to get preapproved for a mortgage, make sure you are working with an experienced mortgage professional.

Ade:

Absolutely you have a chance. Talk with anyone that is an FHA lender and you should be good to go!

Of course, we are an FHA lender and would love to hear from you.

Kurt Clements
Senior Vice President
GSF Mortgage Corp
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

kclements@gsf-mortgage.com http://www.gsfgovernmentloans.com

Medical bills account for about half of the bankruptcies in the country. It really screws people up. Don't be afraid to speak with a few lenders. They will talk to you for free and can advise as to the likelihood of getting a loan. You should also consider FHA lenders (not all lenders do FHA) because they have more flexible loan requirements.
My web site has a few choices although I have a good FHA lender that is not on my web site. Send me an email and I will pass it on to you.

Hi Ade, I am a realtor in the Asheville area of North Carolina. You should have no trouble getting a mortgage, with that credit score and your income. Call me if I can help 1800-523-5028 Kathy Chieco Century 21

Past late payments and medical bills are already factored into your credit score (unless for some reason they weren't reported). With a credit score of 648 you should have no trouble qualifying so long as your ratios (debt-to-income, etc.) are OK. In my area (Raleigh/Cary NC) you'd have no trouble buying a house - in your area it'll depend upon the local pricing. A good Buyers Agent will be invaluable resource to you in getting qualified and finding your home. If you'd like help finding a great agent there, just let me know! :0)