Low score, unpaid debts and tightened credit guidelines. Be honest “Would you lend someone with your history Money?” No harm in continuing to look. Keep saving for the downpayment. The larger that is, the better you look to lenders. Good Luck

I recently applied just to see where I stood and if I could purchase after doing some of my own credit repair. Based on the information I was given by fha loans, you cannot have any late payments in the past 12 months or no new collections. So if you have either I would first fix any new collections in the last 12 months and start from the date of your last late payment in order to estimate when you can be approved. I was also informed with the mortgage industry being the way it is, if your score is under 620 it is becoming very hard to get approved esp if you have those other things working against you.

I know its hard just keep your head up… According to my mortgage company I should be ready in the next 6-9 months. Just do as much as you can your season will come.

your credit score isn’t that low for an FHA loan.

if you go to a really good mortgage broker, he or she will help you clean up your credit. you may end having to pay that hospital bill but I bet you can get away with paying 500.00 full and final. It’s an old uncollected debt.

find a different mortgage broker and see if you can get some help with this matter.

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.

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First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.