08-04-2012 05:16 PM
I am looking for some advice on getting a home loan in Nevada. I am looking to purchase a home hopefully USDA, if not, then FHA. I would like to figure out what my chances are with my horrible credit. I have been working hard on it but I get overtime... and guess what? None this year... yet. I don't have as much discretionary money to just pay some of these old things.
Anyway, I had a mortgage company pull my reports earlier in the year (March). Here's what it looks like: XPN:626 TU 582 and EFX 557. Now I know these are low but I am continuing perfect payment on two auto loans and 1 credit card. (My FAKO has gone up since the mortgage pulled my reports)
My problem is my collections... do I absolutely have to pay them before I can buy a home? I don't want to waste money on them, as some of them are so old they will be coming off. Also, somehow some of them are reporting as new(like within the past couple years!!) I am currently disputing them with the collections people, as the bureaus wouln't take them off.
1 Credit card 2000 balance (trumped up) as it says my high credit was 875? *this isone I am disputing as it must be more that 7 years old, but they have reported it as last year!!!?
1 fom a utility that must be over 7 years old $525
2 medicals from the same collections--unfortunately these were supposed to have been included in my case from an auto accident in 2007. I was neglectful. anyway set to settle these totaling about $230another medical form a different co same thing came up after i settled my accident $80
Lastly, my headache of all time a repo that turned into a charge off in 2008 and the company won't take less than 5,000 it is listed on my credit report for 9500!!!
I make about 45000/ base pay a year, but this fluxuates depending on Overtime... last year, for example, I made 62
My bills are about 700/month how much could I qualify for?
Who can help me a realtor? The assistant at the mortgage comoany said jsut settle them all... that digs into down payment money... and I do hear of others being able to pay them once in escrow... I would feel much more secure if that were an option for me...
Hopefully digging into your wealth of information can help me...
Any reply is helpful, thanks,
08-05-2012 02:01 PM
I was able to go USDA Direct. I had an old collection from '07, a collection that popped up right when I applied (it was bogus) and I was a co-signor on a repo showing on my reports. My scores were all over 660 and I think that makes a difference going Direct. I closed on my house 07/18.
08-06-2012 04:55 PM
I am doing USDA Guaranteed and my lender wants the collection paid. Original balance $1445, current balance $2270+. Fidelity Information Corporation. They constantly update accounts as if I'm behind on a payment to them. Suppose to fall off after next August.