Can I get a mortgage? Advice, please.

Tips and Deals Forums Home Mortgage Can I get a mortgage? Advice, please.

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    • #223501
      Anonymous
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      I keep telling myself to wait until this time next year. That will give me a year to pay off my credit cards, which all of the credit simulators say will bring me up nearly 100 points. My current scores put my “middle score” at like a 610. I talked to the mortgage dept at my bank and they said they cannot do ANYTHING for me until I am a 640. I talked to another bank in my small town, and they said they could make it work, but then they saw one collection account on my credit and said no. The collection accont isn’t mine and it hasn’t been updated since 2007. It is for $180. None of the credit reports I can pull (through here, annualcreditreport.com, and truecredit.com) show the collection account. JUST the report that the bank pulls. HOWEVER, it doesn’t say who the account is with. It just says “Utilities” and it doesn’t show a full account number. The only way I can dispute it is through writing and I am somewhat scared to do it because I don’t want it to get updated… if I leave it alone wont it just fall off?

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      Anyway. The house that my wife and I absolute LOVE has been on the market for over a year. It started at $114,000 and now it is sitting at $89,500 and the listing agent said that the bank that owns it is going to drop it to $80,000 in the next couple of weeks. If we could get it for $80 we would instantly have $25,000 worth of equity based off of what the assessor has it appraised at. I called another “national” bank yesterday and they called me. They wont work with anyone who has less than a 660.

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      I have been trolling this forum for quite awhile and have seen quite a few people with a 600 credit score buy a house. Where can I get a loan from? I have been in my industry for 7 years and at my current job for 2. I work for a school district, which banks consider a “secure” job. When I was working with one bank, they said I could afford a $1800 mortgage. The mortgage on this house would be less than $500 and that is with a high interest rate.

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      I would even consider a high interest rate mortgage just so we can get in the door then, after the credit cards are paid down (which buying this house would help since the mortgage payment would be HALF of what I pay for rent) my credit will be above a 700 according to 4 credit simulators (I know they’re fake and not real but I figure even if I got 50 pts I would be in a better place.)

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      Is there any place where someone with a 600ish credit can get a mortgage? I can afford it. I have NO lates on my credit for over two years. I have only ONE collection account and it isn’t even mine and if I could find out who it was with, I would pay it just so it was gone.

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      Any advice would be greatly appreciated. I know the best advice is to just wait the year like I have been intending to do, but this house is such a great deal that if I can make it happen, I want to.

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