A pre-approval does hit your score minimally up front but you are allowed to shop lenders during a 30 day period up to 3 different companies with it only impacting the score once, from what I understand and have seen. They understand people have to give full socials in order to really get a quote and the same for buying any one type of loan - like a car etc.
It is wise to shop around and get very comfortable with the lender who will be your liason throughout the process. You need to have very good rapport and someone willing to explain everything to you and return you emails or phone calls in a timely fashion.
Good luck to you!... more
If they report that it was "paid, but less than the amount owed";
then it will hurt, but not as much as not paying them.
Sometimes you can negotiate that they will put a more favorable notation on the record; "PAID IN FULL".
Push them!... more
You are starting out with the right idea. Get your credit situation improved by checking with several credit repair companies that can help you by explaining the things that you can do for yourself and then the things that they will do for you, for a fee. Don't do anything without the advice of your representative from the credit repair company. You might make things worse. Make sure that to find one that will not charge you for the initial consultation and find out what they will be doing for you and what the continuing, monthly, charges will be. There are many companies to choose from and the following is a list of credit repair companies that some of my clients have used and are satisfied with (these are not in any particular order):
Improve My Credit
Tranquility Credit Repair
Credit Recovery Group
Caravan Credit Services
Sky Blue Credit Repair
Check them out through their web sites.
Get a timeline on getting your credit scores up to at least 620, or better (680), and get a preapproval from a home mortgage lender.
Once you have your preapproval, get in touch with a REALTOR(r) to find homes that meet your requirements and price range.... more
Christie, The basic answer is or should be (IMHO) you need to see what you can do to raise your score. The truth is you have everything to gain by doing this as you take the time to learn about the market you are interested in.
We don't have any details or knowledge of why your score is low and it could be for many reasons. What's important is that you find out and do what is possible to raise it, making yourself eligible for more programs and loan opportunities. You can go here...https://www.annualcreditreport.com/cra/index.jsp ...to get a look at your credit report and see if there are things you can fix.
You might want to take a homebuyers course to get information, leads and contacts.
or counseling for credit repair info ect..
This is the Gov. site for all Gov. loans... http://www.govloans.gov/govloans_en.portal?_nfpb=true&_pageLabel=gbcc_page_browse_loans&_nfls=false&action=locateLoans¤tSubType=6
Check them out and see what you might be eligible for, stay on top of new programs which will be appearing.
You can use the Hud site to look at Hud properties for sale and this site for links to the Bank properties for sale sites (REO)... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
This is a Gov. site with mortgage info, calculators, tons of info..you should check it out.. http://www.ofheo.gov/PublicInformation.aspx?Nav=136
Keep track of the mortgage trends...http://mortgage-x.com/general/rate_trend.asp .......http://www.fhfa.gov/
Anyway, I suggest working on the credit score while you learn the market and prepare to find the best home possible.
Good luck, Dunes... more
May or may not. I would suggest you speak with a loan officer or a bank. They can pull your credit report and look at your averall picture. It is also important that if you do pay off any account that you get written approval that the account has been paid
(0 balance )and that they will take it off the credit report.
Hope this will help you.
Feel free to contact me if you need assistant.
Remax 360... more
You would suffer a small drop in points for establishing the new trade line. But over time it will help.
You might see the points come back in about 6 months and see a score increase at the 12 month mark.
All credit profiles are different, so take this answer with that in mind.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134... more
a qualified Home Mortgage Consulant would be best to answer this question and I would recomend calling one asap -I can recommend Holly Whitney with Wells Fargo Home Mortgage-she can be reached on her cell -281-705-4659 or you can email her at firstname.lastname@example.org you say the window is short -its best to call someone that can give you straight answers and get results
Regards and good luck to you
Al Hebert... more
You should speak with a mortgage broker or lender in your area. I am also a mortgage broker but you will best be served by speaking with a local bank.. My lenders typically have a minimum loan amount of $50,000 but there are some who will do less. Go speak with a good FHA lender and see what your options are.
There is a good chance you can do this but you need to have somebody look at your whole financial and credit picture to do so. Good luck on your purchase!... more