Comments on: Mortgage Loan Turned Down For Past Credit Histories?

By: Mike Q

Mike Q — Sun, 30 May 2010 03:35:45 +0000

Your 601 score is too low…
You can use credit repair agency to fix your credit – for example this one – http://creditreport.undonet.com – They can clean lots of bad stuff from your credit report – and do it much faster than yourself, so your credit will go up fast.
After credit repair you can get the loan with minimal interest rate.

By: Perla

Perla — Sun, 30 May 2010 02:50:30 +0000

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.

http://mortgages-finance.awardspace.com/

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.

By: Faranak G

Faranak G — Sun, 30 May 2010 02:38:06 +0000

the best way to approach this situation is to try and raise your credit score before applying for any loans or mortgages.there are many articles on the Internet which can help you with this .also try this web site for useful tips
http://www.houseofrapidcreditrepair.com/

By: Tracy V

Tracy V — Sun, 30 May 2010 01:40:52 +0000

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.

By: stan c

stan c — Sun, 30 May 2010 01:22:07 +0000

Your best bet is contact a mortgage broker and just be straight with them.

By: Danie

Danie — Sun, 30 May 2010 01:12:32 +0000

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.

By: Andrea T

Andrea T — Sun, 30 May 2010 00:27:49 +0000

Do you still owe the hospital bills? If so, why not pay them off? Talk to them first and get it in writing that they will remove the bad information from your credit report.

It won’t hurt to give it another year, keep making on time payments, and increase your credit score. Besides, it doesn’t look like housing prices are going anywhere but down right now. Next year, you’ll have a bigger down payment, a better credit score and lower prices on houses. That’s a win all the way around.

Good luck.

By: tkahrs12122

tkahrs12122 — Sat, 29 May 2010 23:59:21 +0000

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