I need help-want to purchase a home in 6 months-is this enough time

[Anonymous]

2001  I had a foreclosure, should I wait till this drops off

2004 Chapter 7 BK discharged

2002 Chapter 13 BK dismissed It really rolled into chapter 7 I had a crappy lawyer

My credit report shows a great payment history with several credit cards (one is maxed out) an old AFNI account that I cannot shake (it shows up twice).  This is not mine (at least I dont remember it) but they said they will settle for $ 400.  I may do this.

Drive Finance-one late (this year)  OUCH  ( I mistakenly forgot to pay)

I plan to try to goodwill the FK out of Drive

AFNI said they will delete if I pay-  I did ask for proof and I thought it was not enough   But apparently the credit bureaus think it is enough to justify.  The weird thing is it was reporting at one time 2002 and now it changed to 2005. 

This is all of the derogatory information on my report.  I want your opinion is it possible to  get a prime loan in 6 months and what would you do. 

Credit score is TU 550  EX 535 EQ 562

[Anonymous]

Over 20 people stopped and looked and no one would help.  And my score goes BUMP BUMP BUMP

[Anonymous]

   I don't recomend you to buy right now.  You have very low score.  Why don't you work on improving your score/credit and then buy  so you can get a better deal.

[Boswd]

I have to agree, judging by what you just told us, it would not be a wise decision IMHO to purchase a house, even if you do get approved you are going to have an insane interest rates.    Work on your debt build your credit back up  lower you DTI and SAVE SAVE SAVE!!!!!!!!!!!!!!    Don't rush into something you might regret later on down the road.

[Anonymous]

will afni send u anything in writing? I have something on my credit that I want to get deleted.  I would ask to see if u quailfy for any programs.  there are programs that will only have u pay a 5.75 interest rate regardless of credit score.

[Anonymous]

---

makinaria wrote:

   I don't recomend you to buy right now.  You have very low score.  Why don't you work on improving your score/credit and then buy  so you can get a better deal.

---

I really have to be in a house in 6 months.  My landlord is selling the house I am in and plans to retire.  Money is no problem right now.  I will make over 6 figures next year easily.  I talked to a mortgage person from US Bank and he said a prime loan will be possible if I can get to 620.   ( I actually work for one of their affiliates) 

1.  I filed a complaint with the BBB with AFNI and they sent notification to they stating that we can work out a deal if I pay $300 they will delete the inquiry off of the credit report.  They will be accomplished next week. 

2.  I plan to pay my credit cards down to 10% of their balance.

3.  I plan to dispute the other items even the foreclosure as being too old. 

4.  I will try to work out a deal with Drive Finance.  Let them know my situation.  GW them.

5.  Pay on time-Pay on time-Pay on time

Let me know if this action will work and if you have any suggestions.  I am also willing to pay points to my mortgage company in order to get a better rate.  (since I work for them I may be able to qualify for an interst rate reduction anyway)

[MidnightVoice]

---

MisseyElliott wrote:

 Money is no problem right now.  I will make over 6 figures next year easily. 

---

6 figures does not go as far as it used to go! 

[Anonymous]

---

MidnightVoice wrote:

---

MisseyElliott wrote:

 Money is no problem right now.  I will make over 6 figures next year easily. 

---

6 figures does not go as far as it used to go! 

---

Depends on where you live and how many kids you have?  The home I plan to purchase is only $150,000.  I live in Missouri.  Only 2 people in my household.  I actually can live easliy on $50,000/year.

[fishbjc]

DH CS was 660 when we purchased.  Put down $80,000 and financed at 5.125%.  We were told in order to get prime we needed at least 630 w/20% down. 

Built new with Pulte.  Since Pulte has their own mortgage company, they're a bit more 'lenient'.  I've spoken to a realtor in this area who has a few listings due to young couples buying houses they shouldn't have bought through sub-prime lenders.....not good.

If you don't have 20% down you may pay PMI.  

[Anonymous]

You might consider buying on lease-option. Yes the price will probably be inflated roughly 15%, but if you make 12-13 payments on time you should be able to get a mortgage easily, and they may treat it more like RE-FI THAN A PURCHASE.