Im trying to get a mortage within 2 years time. My scores are horrible. My highest being 507 with experian. My question is what should I focus on first. I have a ton of medical bills, some utilites, a student loan, and forceclosure and repossession. Also do foreclosuers and repos fall off your report? I have no CCs so that is not an issue. Thanks!
Having no CC'as IS actually an issue, most lenders want to see atleast one tradeline open for 24 months and two open for 12 months so i suggest oppening one of those CC companies that will approve your risk criteria, i think Orchard is the best and BOFA secured card. If your Debt to Income ratio is below 50% including housing expenses than you could probably qualify for first time home buyers programs like "my Community" from Fannie Mae or "home Possible" from Freddie Mac, you will need a mid fico score of 620 to have a good chance of approval. If you are renting and the lease is in your name your good, but if your living with someone else and the lease isnt in your name, i suggest you begin paying your rent by check to whomever you are paying since a lender wants to see 24 months verification of rent either by verifying it from your leasing company or seeing your cancelled checks paid out to a private party ( make sure to write "rent check" in the memo section of checks). Other than that, try to pay down your collections and pay your bills on time and you should be able to purchase your home in a couple of years, good luck
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