Feeling Defeated

[bruiseviolet]

If you need XXX credit score AND all debts must be paid off- how the heck are we ever going to get a mortgage?  Lol.. sorry, just feeling completely defeated tonight- we have about $10,000 in old medical bills from when we didn't have insurance on our credit reports- that is going to take us a few years to pay off =(  I was wrong to assume we could just fix things and pay to get our scores up enough to get a mortgage-  =(  Oh why oh why didn't i know this stuff 10 years ago when i started making HORRIBLE choices that I had no idea would effect me so many years later?  =(

[rckstrscott]

Have you owned a home before? I have been spending a lot of time on the mortgage part of this forum, and from my understanding you don't need all your debt paid off to qualify for an FHA mortgage..

-scott

[bruiseviolet]

no-  32 years old and have never owned my own home =(

[rckstrscott]

It's ok! I am 32 as well and I have been working at restabishing my credit to do the same thing! I have never owned either; its ok!

Not alone and what not haha

-scott

[Anonymous]

46 and never will own a home.

Not unless something seriously changes in the world economy.

Ive worked hard to get my credit rating in the mid 700's and after watching a number of people around me lose their jobs, then their homes and destroy their credit at 50ish, I think I'll just keep renting and buying used cars.

[tamdugg1980]

Im 31, never owned a home.  Currently in the process, my credit score is below 600...but I'm working with a great lender and agent, that have guided me on what needs to be either handled, paid, deleted, etc in order to be approved for a FHA loan.

From what I understand FHA does not go by credit score, it goes by your report, meaning the underwriter looks at your overall credit and not just the 3-digit number.  So no need to worry, there is still hope.  

I definitely suggest taking the time to re-establish your credit.  When I first started, I was just interested in getting the loan, but the more I read, the more I either pay off, or get deleted, the more interest I'm taking in not only becoming a home owner but becoming a person with great credit!  

It's hard, its frustrating, it's maddening at times, but I believe in the end, when you have a credit score over 700, you will be satisifed.  Keep pushing...keep working on it...it's a process.  You didn't get into debt over night...you won't get out of it overnight either!