I am at a loss. All advice gladly taken.

[Redfish46]

Do to lack of payments from my customers I had to close down my business last year.  I am currently having an attorney handling some of the legal work to collect on money owed to me.  During this time my credit went way down from what it used to be and I have some things in collections.  I have since taken a job where I am making great money and my wife works as well.  I drive a company vehicle and we sold my wife's SUV to get something a little more reliable and has better gas mileage.  She has a decent job as well.  My problem lies here.  When I went to purchase the car the dealership ran my credit 22 times in one day.  And I have proof on paper that they did.  We were looking to buy a home that I could more than afford and I was denied the loan.  My credit was around 630 at this point.  I figured that I would go and take a personal loan pay off all my collections adds up to around 8000.  And pay our credit card down to about 30% of our available balance.  We are making the monthly payments on the car just fine and on our credit cards just fine.  I have a personal truck that I have even offered to put up as collateral.  I know the Blue Book value does not matter much to the lender but it is $13,500.  My bank said no.  The local Navy credit union said no.  I can more than make the payments for the loan I am asking for.  But nobody wants to seem to give me a chance.  I have told them I would have my checks directly deposited into the account.  I have offered everything to them but a kidney.  But I still keep getting turned down.   And I guess what is frustrating to me, is they will not even offer me a lesser amount.   I am one that has always paid my bills on time, want to pay off all my debts in full.  I am trying to do the right thing, and they tell me I don't have enough credit history and I have things in collections.  I am trying to explain that with this loan I will be building credit history and paying off the collections.  We have the chance to buy a nice home at a below market price from a friend that is moving.  Our monthly payments will be $250 dollars less than what we pay in rent right now.  I have such a feeling of hopelessness and not sure what I should do.  I am even willing to take a loan at a higher interest rate and pay it off faster.  My wife and I make enough to do this with ease.  And I know that people will say take that money and pay off your debts.  And I totally agree but I am in a time crunch here with this house and don't want to lose it.  I will take any advice given.  And if someone knows of a lender that will work with someone based on a case by case scenario that would be great as well.  Thank you.

[coterotie]

Sell the personal truck outright.  Take that cash pay down the CC's.  Ask your friend to do a lease purchase on the house for 6 months.  If you need a personal vehicle go to enterprise and rent one for the weekend.  You should be able to get to a 640 in a few months.  This should qualify you for an FHA.

[Asailorshort]

Unfortunately, you'll likely have a very difficult time getting a mortgage with accounts in collection (as you've already been finding out') so you really need to focus on those first, before getting the mortgage. How many collections do you have & who are they to & for what amounts? Also, how much money do you have to work with on these collection accounts? You may be able to PFD some/most of them relatively quickly which could clear the path for a mortgage. If you list the specifics &/or do a search for the name of the creditor/CA, you'll likely be able to get some really specific advise.

[guiness56]

And for the auto inquiries, if they were done in a 14 day to 45 day period, depending on the FICO version used, they only count as one inquiry.