I currently live in a home that we remodeled and have been living in for about a year. We moved in on a deferred closing and the owner held the mortgage so I could repair my credit. Now that I am applying I see that I had a collection go on my report in march that I was unaware of. My Ex score is only about 625 and TransUnion is 659 currently because my credit utilization is high due to the remodel expenses.
I am supposed to finance this home by September of this year. I know the collection will prevent most traditional financing. Is there any sort of second chance loans that will work in NY. I know I will pay higher intererest until I can refinance but I need to figure something out pronto.
I appreciate any help anyone can offer.
Starting Score: 603 - EQ, 534 - TU, 669 - EX FAKO