Seeking Loan Help

[rydkidtuk]

Does anybody know any good lenders who can help me? My scores are poor but I have been paying my bills on time the past 2 yrs. I have collections but they are over 2yrs old. I'm looking for a FHA program preferably. Any help will be appreciated.

[Anonymous]

We're not allowed to advertise or promote specific lenders on these forums but you could ask friends/family for referrals or "interview" some by phone, just grab the yellow pages

FHA lenders typically require 620 minimum mid score. You didn't post your scores though so not sure what you mean by "poor" scores. The amount of your collections if they are many and/or high amounts could be a problem even if they're old. We could give you more advice about your situation if you post more detail like income, debt amounts, collections, purchase price, location, current scores, etc.

[rydkidtuk]

I'm sorry I didn't know. Well I am a student and I work full time. I make anywhere from $1300 to $1400 a month. I have a $104 a month student loan that has been active since 2005 with one 60 day late. I cosigned on a car loan with my mother to help my credit but she pays the loan. It is $233 a month with no lates and has been active since 2005. The townhouse is in Nashville Tn and is selling for $70000.

[Anonymous]

Honestly, you can not qualify right now.  I am not sure 1400  month would qualify in any case as there may be some minimal income requirements (for example, most car loans require a minimum of 1800 per month income to even apply).

That said, at 1400 per month, standard DTI formulas would leave you 600 per month for debts and you are alrady carrying $335.

There is no way you are going to qaulify on your own for a mortgage on top of that.