Hi...I see from your zip that you are in the Union Cross/SE Forsyth County area..I am in Kernersville...anyway, at this point you should really talk with a mortgage lender. I can help you with if you would like. There are alot of different loan programs out there. Give me a call or shoot me an email and I will be happy to assist you. Sincerely, Shirley Ramsey-Keller Williams Realty-Kernersville
Time and a little focus solves all credit problems.
I've got two cute little families on a program right now. Find yourself a good agent you can trust, and she or he will help you to where you want to go.
I know you said you are working on paying off your debt so unless you are behind or in danger of losing something I would hesitate in calling CCCS. I was in your situation about twenty years ago and went to CCCS. Basically your credit is frozen with the creditors and you work out a minimal payment which helps you get back on track. I may be wrong but by your question you seem to already be on the right track so it really depends on all the factors such as your FICO score of course but, also your loan to value rating, and your income percentages versus your payments. When you go to a credit repair company and be careful because some are a scam and not non-profit they restructure your loans and work out a payment plan that you can afford (for people that have gotten in over their heads). So if that is the case then yes contact the CCCS. Otherwise there are lenders out there that will actually work with you and help you to repair your credit by giving you a game plan and telling you what you can do to up your score faster and help you get the home you want. You do not have to accept any loan anyone offers you. To get a pre-approval you can always shop the rates you are offered. If you know your score and all your information some lenders will even run the numbers without pulling your credit just to give you an idea of where you stand. That way you don't have another lender pulling your credit and showing up on your file. Rachel is also correct in that you can shop for rates and as long as you move forward on a loan it will not negatively reflect on your credit if you have several banks/institutions pulling your credit. I had a client approved last week with a 541 score. Of course you do pay a higher rate but, their are lenders out there that will finance. So it is a judgement call as to what you want to do. Just remember if you can stay on the right track you can always refinance after a year or two.
Coldwell Banker Triad
You need to talk to a credit counselor before you do anything else. They will be able to give you guidance on what you need to do and, more importantly, how to make sure the information is properly reported to the credit bureaus. Not all creditors will ensure that this is done so it is up to you. Your debt ratio may also be lopsided and they can help you with that also. I would suggest contacting a financial counseling service, CCCS OF FORSYTH COUNTY, INC - WINSTON-SALEM (Consumer Credit Counseling Svc) are HUD approved and non profit and they offer the kind of services you need. Phone: (336) 896-1191 or http://www.cccsforsyth.org/ . You can also try calling a local loan officer who may know of other organizations. I know I'm suggesting a course that will take some extra time, but, in the end, you will save money and disappointment by not becoming one of the vast numbers of people who have been matched with mortgages that became unmanagable. Since our office handles, along with normal sales, foreclosure properties , I've heard too many stories. I cover a large area including Forsyth County/ Winston Salem so if you have any other questions please call or email me. I'll be happy to work with you until we can get you into a decent mortgage product. And it may just be a matter of getting you credited for all that hard work you've been doing!
Depending on all factors I have some lenders that have gotten people financed with credit scores in the mid 500's. So, if you are serious about buying and are ready just let me know. Of course the same lender's will also work with you and get you to were you need to be to get financed. The main thing about your credit is paying on time. Continue to make sure that you pay on time. If you are interested in finding a home and getting approved just let me know.
Good luck and happy house hunting,
Coldwell Banker Triad
There is always hope. I will be happy to work with you to find a home and can refer you to a couple of mortgage representatives that will go the extra mile to help you or at least tell you what you need to do in order to qualify for a mortgage.