Last of CLeanup- can we get a mortgage if scores still low but everything paid off?

[bruiseviolet]

How much will our scores be a factor?  Long story short:

• We have been repairing our credit for 2 years now
• Mid scores are still in the high 500's (590ish range)
• Everything we weren't able to remove (collections and judgements) we are going to pay/settle on next week.
• So wondering if we would have a chance at a mortgage right away (right away meaning in the next 6 months)-  or if its going to be another year+ of waiting for more good reports to bump our scores higher.

(p.s. we have a significant down payment saved and we have an auto loan we got last May with no late payments- so basically the only thing that would increase our scores- would be time for more accrued on-time payments)

[violetsmom]

The scores are a problem. As far as I know the lowest any bank will go these days is a 620. I will let others give their $.02 obviously.

Oh and your screen name scares me

[JM-AM]

Still have a handful of lenders accepting a 580 mid score.

But you will have to find one and then know you may have lots of hoops to jump through.

So it is possible, but wont be easy.

[tooleman694]

Score seems kind of low after you have been repairing for 2 years.

What does your credit card situation look like.

[MovingForward_2012]

Do you at least have at least one credit card? If not, get one and keep it reporting at 10% or lower. With your current scores, it would be best to look for a secured credit card from Capital One or a bank. The only unsecured card holders that would probably approve you are First Premier and CreditOne. I would avoid them as they charge outrageous fees.