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There are loan programs like FHA that care more about if you paid your bills on time the last 12-24 months than scores. Your biggest problem most likely with any program might be the fact you just got your first ful time job. You might have to work there atleast 1 year before a bank considers your income
msjdpitt wrote:Hi Shane and anyone that can help,I have reviewed your posts and they all seem extremely helpful. Here is my situation, I checked my credit score and it is listed as 550 by Experian, and 565 by TransUnion. I incurred small credit card debts, one doctor bill, and a couple of utility bills along the years, all while in undergraduate and lawschool. (note: all these accounts were placed in collections because of various personal reasons) I have sucessfully paid off all but 2 accounts, and these accounts will be paid off within the next 2 months. I have had jobs over the past two years but all were summer jobs, i.e. summer associate at a law firm and then back to school to continue my studies. I really am looking at buying my first house within the next 6 months and will have at least 6000 saved up in savings and about $1632 in savings. (I'm looking at a house that is around 90K). I graduated from law school in May 2007, passed the bar exam, and began my current job in November 2007 making $48,000/year. My total debts are about 80,000. I have one credit card I recently opened that's in good standing (but I read somewhere that it takes 90 days for that to reflect in your credit score). My total debts, not including any type of mortgage every month, including credit card payments and loan payments (which begin repayment in January 08) are $440/month. I have a couple of problems, the really low/bad credit score, my past collections and my lack of job history. What should I do? Can you please assess my chances of obtaining a mortgage? Am I kidding myself into believing that I can get a mortgage, especially with the tightening of credit in the financial markets?P.S. Any advice would be greatly appreciated