Karen,

It would be difficult to provide you with accurate information with the small amount of information provided. Your best bet is to be in touch with a local mortgate person for their input. Unless you have had a recent foreclosure or short sale most buyers today are able to arrange for some kind of financing Shop around to see what people are willing to do for you.

Good luck

i would need more information to offer suggestions...tough credit may not be bad enough to deny your mortgage approval..best regards.bob mcclure......

Good advice. I have a little bit to add to it.

I would probably look into FHA financing first. The FHA loan is designed for the first timer and helps overcome some common obstacles first time homebuyers often have - lack of credit, low down payment, etc.

Now with FHA when it comes to credit, it's not relly the credit score itself that matters, it's the history that's tied to the score. In orther words it's not the what, but rather the how. How your credit got to be the way it is. If you generally pay your bills on time but maybe you had a rough stretch for a short period (with good explanation) or maybe you have a few medical collections dogging you, then it might not be too hard to get you mortgage-ready in a short amount of time.

If, however, you havent shown any responsibility in managing your finances or paying your bills in a timely manner, then you probably need to pay off your collections and work on it for a year until you've been able to piece together a good recent credit history.

So it all depends on your individual circumstances. Go speak with a local, reputable lender so they can tell you where you stand and what you need to do to become a homeowner. Contact me if you like. I have a lot a resolution to "lose 20 lbs this year" you don't get there overnight and without working out.

Good luck
Tony

Karen-
I would welcome the chance to speak to you about qualifying for a mortgage. Credit can be "bad" for a number of different reasons but is weighed differently when reviewed by an underwriter. If your debt ratios are good, you make enough of a down payment and can show timely payment history on such items as rent, utilities, insurance, etc., you would be surprised to learn that you have a better chance than you might think.

Please call me if you would like to discuss your options further.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online @ flagstarloans.com/lallison

Karen,
We recommend being in touch with several lending agencies to gather information. Be sure to request a "good faith estimate" from each. This is basically documentation of the program and quote they provided to you.

Hello Karen;

There are many ways to boost your credit score. You mentioned that your credit isn't very good, but do you actually, know what your score is? If you don't... It would be a great place to start. Without knowing exact details about your income and expenses, as well as credit history - I could easily say that there is a chance that you qualify for a loan, but, I wouldn't be doing you any favors if I didn't also say that the loan you qualify for, might not be a good deal for you.

If you are seriously considering a mortgage, I would urge you to review your credit report (you can get them free) and FICO score (which you might have to pay for to receive, though many lenders will run your credit and share this information with you without obligation). With these in hand, you can begin to pick apart some of the items that have the most effect on your total score. Keep in mind too, that if you're married, each of you will have their own score and lenders will use the lowest score as the loan qualifier.

A mortgage professional that is willing to walk you through the credit clean-up process; while building a relationship that will ultimately earn long-term loyalty is your best bet. Choose a lender that will do some hand holding without pressuring you to 'sign on the dotted line' at the first chance. I would be happy to provide referral to some trusted mortgage pros, that will help you through the process without steering you into a loan just to make a commission.

Whatever you do, if you do need to clean up your credit prior to obtaining a loan, please please please, stay away from so called, "credit repair" companies. They most likely won't do anything for you except take your money. You can bring your own score up for free, legally, and on your own.

I would be glad to e-mail you some flyers that outline the important elements in your credit file, and how to bring up your score.

Please take your time, do your homework, and you'll get a great loan, for a fine house that you'll enjoy for years to come! Thanks for the question, I hope I've helped and don't hesitate to contact me for more assistance.

Karen,

You really can't know until you talk to a lender. They will be able to get specific information from you that will help determine if you qualify or not. Your husband's job stability is definitely a plus for you. I'm in Ohio, but have some loan officers that would be able to assist you (with no obligation on your part) if you'd like, just let me know. Good luck!