every site i post a credit ? no-one awnsers...PLEASE help fico board

[Anonymous]

My husband and I filed ch 7 and was discharged feb 2004....we have since repaired our credit and got a credit card-all pmts on time...this month our scores finally climed out of the 500's EX-624, EQ-624, TU-642....we have 13 1/2 acres of land 7 acres cleared and ready for a home we want to build. We only owe $16,000 on our land here in TN. The fico home page calculator says we could get a loan with under $900 pmt for $130,000 loan...how accurate is that? And is gonna be easy to go in a "bank" and get a mortgage loan with these scores? We rent and pay our land pmt each month- it is getting old when we have such a beautiful piece of land, we have been repairing and boosting scores for 3 years- now that we have these scores can we do it? I am sooooo afraid of something happening and my scores going down- i have heard of it before, can this happen if we continue to pay on time? and dont incurr any collections?  We are renting ,have 3 growing children in a 2 bedroom home...Please help! I want my home! Thankyou!!!

[John060675]

You might want to check out a FHA loan.  My scores are about where your scores are, but I am going to wait for one year to raise them.  The additional cost over the life of the loan due to higher interest rates is going to be very high.  Personally, I would wait 1 year and see if you can get it over 700. 

From other postings on this forum, people have received FHA loans with lower scores than yours, but you cannot have any baddies in the past 2 or 3 years.  Still, wait 1 year and get those scores over 700 (720 is better and 760 is the ulitmate help).

Good luck.  I am in your same situation.

John

[Ljeen]

Hi, it's actually payments on time for 12 to 24 months.  I would die if it were 2 to 3 years since I plan on applying for an FHA soon after everything is paid.

[Anonymous]

Everything is different with a construction loan, scores, downpayments etc. Ones to individuals are rare as most homes are built by builders, and then sold, so few people know a lot about the type of loan you need. I would start by talking to a loan officer at a major bank in your area. If they can't help you, they can probably refer you.

[Anonymous]

Talk to a broker.

[stpn2me]

check out lotloans.com or maybe countryloans.com. Websites like that. I am going to be in your position soon too. I am going to buy some land and build like you are saying. Have you spoken with Jim Walter homes? Give them a call, they may be able to help. I agree in waiting a year to get above 700. It will put you in a better position and you will save money. Dont be so impatient, take your time..remember, the best way to improve your score, is to not use it...