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OK here’s the deal, my husband and i have lived in the same home for 6 yrs. We have outgrown our home due to having a baby. We don’t have good credit, and last night I went and tried to get a credit score and it said “We’re sorry we could not generate your Vantage score because there have not been any credit accounts reported or consumer initiated inquiries occurring in the last 24 months.” But it still charged me for the score??? What does this mean? We want to buy a home before the April deadline on the first time home buyers tax credit. We want to get an FHA loan and we have about $ 4000 to put for a down payment. A few years ago i had great credit, had a miscarriage, got depressed and spent more then we had coming in, I have fixed all that debt except for 2 accounts. And its been years since we’ve done anything with credit cards because we’ve been scared to screw up again, but my credit reports still show that I have 8 potentially negative items on my report. I have gotten a secured loan to put some good activity on my report but they told me it would take 3 months to show that good activity on my credit. What do I do? We’re clueless, and really want to put our monthly payments towards “our” home instead of throwing it away and putting it towards our landlords home.

5 Thoughts on What if I don’t have a FICO score to get an FHA loan?
  1. Reply
    November 18, 2011 at 7:24 pm

    After your credit drops below 300 they stop scoring it.

    If will be more then 3 months before you fix this. it will take years.

    The only way you can buy would be owner financing, but the odds of you finding a seller that desperate, who even can finance you (no liens on the property) are close to zero.

  2. Reply
    November 18, 2011 at 7:44 pm

    You can ask a mortgage broker or bank to run your credit scores to determine what they are. However, understand that your previous reckless credit activity is STILL going to be on your credit report. The longer it is there after paying the debt, the less it lowers your scores, but it still has an effect. If you still have two accounts which are seriously past due and unpaid, those will lower your scores considerably.

    As well, your $ 4000 downpayment isn’t much. FHA requires a minimum of 3.5% of purchase price as a downpayment, and you will also need money to pay closing costs on your home purchase.
    My guess is that you simply are not yet in any position to swing a home purchase. Take your financial information along to the mortgage broker when you ask to have your credit scores obtained.

  3. Reply
    November 18, 2011 at 8:20 pm

    Cassandra, unfortunately you may not qualify for a loan at this time, nor before the April deadline. It could take a year or more to improve your credit score to the point of being able to buy. Then you still will need to have at least 3.5% for down payment and 3% for closing costs. While the home may be getting smaller, babies don’t need much room. You need to plan how you are going to improve your credit so next year you’ll be ready to buy.

  4. Reply
    November 18, 2011 at 8:59 pm

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  5. Reply
    Loveth Fisher
    November 18, 2011 at 9:04 pm

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