Bettertimes

Hello CB, I just wanted to come back and update my thread. Finally, I closed on my first home. My midscore was 640 at the time; however, it fluctuated from high 600s (680) to low 600s (625). During this process I learned a lot. I learned the dates my creditors reported to the bureaus. Believe it or not, Experian was updated the day after my statement closed for all of my revolving credit. I also learned that I will have no problem getting into the 700s once I get my utilization to under 10%. My FICO scores were in the high 600s with 40% utilization. So, I should be there by the end of 2010. My husband and I are dedicated to paying off our revolving credit and hiding the cards. The lending environment for a new home purchase is a lot different than it was just 3 years ago. My husband, friends and family couldn't believe the "underwriter turn around times", documentation requirement, etc. involved with my mortgage process. And not to mention the real estate market is overflooded with short sales. They kept reminding me that they didn't have to go "through ALL of that!". But, I made it through and I am now a homeowner. Thank you CB for making my dream to be a homeowner!

In 8 months (with 2 scheduled pay increase), I may qualify for the home on my own; however, if not, I'm sure our DTI would be fine. My problem now is that I really don't need credit. Before it seemed like I needed credit and I found myself juggling payments and living from paycheck to paycheck. Now, I don't need credit (except to purchase a home) so I don't know what would be the best move to increase my credit profile and score besides paying off all debt.

I agree, as long as the fiancee doesn't have a lot of debt that hasn't been mentioned. In the grand scheme of things, I don't think neither of us have a large amount of debt. The problem is that we just received significant promotions. So, the $190K reflects a significant increase in our salary from what we were earning last year. While I believe he could probably be approved for a mortgage although he holds a mortgage; I don't they would allow him to borrow anywhere near $300K on his second mortgage. So, our only option is that I qualify via FHA or NACA or we wait until I can get my credit situation together.

I wish we had that option. He owns a home and because of so many foreclosures on his block, the houses are not selling for their appraised value. When we did a search for homes for sale on his block, there were many foreclosures selling for nearly $100K less than his appraised value. So, our plan is rent his home and buy a new bigger home. Worst case scenario, we will have to lose the opportunity to take advantage of the GREAT home prices now. However, I am still researching the NACA program. If I qualify for NACA, then I would be the sole applicant.

I'm looking for a home in the 300K range. It will be both I and my fiance' on the application. Combined, we earn about $190K annually.

I want to satisfy the judgment but don't know who to make the payment to.

How can you satisfy a judgment if the creditor is deceased?

Thank you everyone for your comments/suggestions. Bree82: 1) 8 of the 10 student loans are consolidated. I don't know why the other 2 were not included. That is why the late payments occurred. I had a deferment on the 8; but not the 2. So, they slipped through the cracks and I didn't realize I was late until I received a letter from the lenders. At that point, I immediately paid. 2) What type of FICO increase do you think I will achieve by removing current late pay notations, paying off my balance on my credit/installment/student loan accounts, paying judgment, deleting 6 collections and PFD the repossession? FAVOR: 1) In order to meet FHA guidelines I need 12 months of no late payments? Okay. I will continue to pursue "goodwill adjustments." If I can accomplish getting those recent late removes, it sounds like I might have a chance. 2) I have 15 positive tradelines (Student loans/credit cards/installment/car loan)

Hello CBers I have decided to embark on the home buying journey and I will use this thread to document my progress. Personally, I believe, if I can get financed for a home ANYONE can! While I am equipped with my CB knowledge, I believe my most powerful tool is my faith. I have read so many success stories on this board and I look at all of them as “Praise Reports.†I thank God for CB. I feel it is a powerful resource for those looking to establish, re-establish or become credit wise. My credit profile: Public Record – Chapter 7 Bankruptcy (2000) Public Record – $1000 Judgment (2002) Public Record – $5000 Judgment (2006) Collections #: 6 (2004-2006) Collections $: $3675 Repossession #: 1 (2004) Repossession $: $2215 Credit Cards #: 3 – Current (late twice on 2 cards. Lates occurred in 2008) Credit Card $: $500 (Credit limit totals: $3000) All opened in 2006 Installment Account #:1 – Never late. Opened in 2006 Student Loans #: 10 (late three times on 2 in 2008.) Car Loan #: 1 (opened in 2007. Never late) Annual Base Salary: $85,000 Myfico: 489 Currently, I am disputing the collections. And, I believe they will ALL be deleted because they are erroneous. I asked the student loans for goodwill but no go. I ask the credit cards for “goodwill†and so far one has removed the lates. The judgment from 2006 has been paid and should be updated to show satisfied. I don’t know if that will increase my score. The person who is involved with the 2002 judgment is deceased so I’m not sure how to approach that item. Per TU, it is scheduled to fall off in February 2009. I will be paying off 2 student loans, credit cards and installment loan over the next 2 months. GOAL: To buy a home while house prices are favorable (preferably within the next 3 – 4 months). Questions: 1). If my FICO score was around 650, would FHA overlook the lates in 2008? 2) Will FHA require that I pay the repossession? It would be no problem. In fact, my plan is to pay it off; however, I want to prioritize where I allocate my money. I want to concentrate on items that will provide a positive impact on an FHA loan application. Regardless, the repossession will be paid in 2008, though. 3) If my Fiance’, who has a FICO of 700, is on the application with me, will FHA consider the loan? 4) I welcome any suggestions or comments that will help me on my journey.