I have a credit score of 600 which should increase to at least 620 soon because of a bigger credit line recently opened and the fact my debt to credit ratio was just brought down to 5%. I want to buy a house in July. I have some old ( 3-5 years ) collections on my report. We have 10K to put down. Can I get a loan? Also should I pay my old collections off asap or should I wait till we get approved. I heard that can hurt my score in the short term. ??
While most lenders now are looking for 640 credit scores there are some lenders who will accept 620.As for the old collections, it depends on how much the total amount is.If you have any questions you can contact me Terry Taitel 847-359-5300

ARM Loan Scenarios...
It sounds like you have some good information.The only question that I have is, have you checked to see if the condo is FHA approved?If you would like to give me the name of the condo and possibly the address I can check on the FHA website.Terry Taitel 847-359-5300 or terry@resourceplus.com

How much employment history do you need for a first time home buyer?
No Problem!! as long as you can document the last 2 years in school and a deploma is even betterTerry taitel Resource Plus Mortgage 847-359-5300

Can you refinance a mortgage when you have a second mortgage on that property?
Ginger, I can help you. Please give me a call. 847-359-5300

I have an FHA loan with PMI and want to get rid of the PMI. My credit score is 677. Is that possible?
Yes it is possible. Is this a single family home?How much equity do you have?Terry TaitelResource Plus Mortgage847-359-5300

How would I go about taking over a mortgage from a family member
It would have to be an FHA or VA mortgage which is assumable.Terry TaitelResource Plus Mortgage 847-359-5300