FICO credit scores are the standard for financial decision-making. Vantage is a proprietary system of one of the credit bureaus and is almost NEVER used in the decision-making process. Further, as you can see, the Vantage score can vary greatly from the FICO score. Bottom line: your credit score is 577.
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!... more
There is no minimum, but the local extension office suggests 4 acres for 2 horses. Each individual communities covenants and restrictions will tell you their requirements. Some are 1 acre per horse, some are 3 acres per horse. You would have to check the individual housing developements. There are housing developements "Equestrians Communities" that cater to mini equestrian estates.... more
If your basement has windows especially for egrass purposes it would be a better deal for you to add an additional bedroom & 1/2bath. However, always be reminded way you are finishing this room. Is it for you or are you going to be moving in few years.
A wet bar may be good for a single person or even a couple without kids depending or the size of the house. But you will always come out ahead with an additional bedroom or spare room that you can double as an entertainment area without any permanent fixtures in the room.
Jeremy L. Hollingsworth
ERA Strother Real Estate
I don't just sell homes, I sell DREAMS!