Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
Re: Want to purchase a home and need a point in the right direction


hillbillytim wrote:

Here is my current situation.  I have been at my current job for 13 months (no stable work for around 3 years before that).   (Need 2 years of steady employment) I make $60K/Year, and currently have no savings.  I will be done paying off a few personal debts in two months and will be able to fully concentrate my finances towards doing what is necessary towards my goal of home ownership.

My credit has the following:

Bank of America secured credit card.  Closed, written off $408 (Feb 2009).  

Cavalry Portfolio Service (collection agent for BofA).  $613... open. (If was secured card why over balance) Try and PFD

RGS Financial (collection agency for cable bill).  $69... open. (Non payment of $69.00?) Try and PFD

Home Depot/Citibank.  Closed, written off $844 (Feb 2009). Try and PFD

US Dept of Education $23,356.  Collection account.  This just finally finished the rehab process and has not been updated on my credit report (new amount just under $20K). Stay up to date on payments and on time.

GE Capital/Mervins.  Transferred/Closed ($237).  This was from back in 1995, but was re-reported in 2005 to experian. When did it become delinquent? 

Capital One.  Open since 12/2011, Good standing/Never Late, $350 limit, no current balance. Keep making payments on time.

MyFico score is 653.


So, my basic question is what is a good road map for home ownership for me?  If more information is needed, just let me know.  Thank you in advance



You have some work to do, but it can be done.


1: Stay employed with same employer ( or same field of work) for at least 2 years (24 months)

2: Make sure you stay current and on time for all open lines of credit.

3. No missed payments or late payments in the last 12 months.

4: Work on trying to have all collections and closed accounts removed from credit report.


Since you have a year basically to qualify because of employment history you can accomplish several of these things.

Stay focused and you will acheive your goal.


Good Luck
May all your dreams and wishes become a reality!