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. ??

I work with all 3 Credit Bureaus and can fix your FICO score with a Credit Analyzer and see what kind of improvement we can do before you buy. I can go as low as 500 FICO in the Western States. Otherwise, we can work on the Rapid Rescore and get you to 640 FICO for FHA or higher, if you are not in the Western States. I lend in all States. I hope this helps. RC

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

Not sure how paying off collection accounts can hurt your scores. I think that may be the best way to get the scores up. Most lenders will want to see a 640+ score these days. I have a great credit repair company that I work with that could help get those scores up by July. Give me a call and I can get you in contact with them. A lot of time they will give you suggestions and you don't ever have to enroll in the program.

Hello. Most lenders do have min credit score requirements of 640 for FHA loans and 660 for Conventional loans. Depending upon what the collections are, you may not have to pay them off. I am able to go down to 600 scores on FHA, but the collections may ahve to be paid, depending on if they are medical or not and the dollar amount owed. It would be in your best interest to try and get pre-approved now to determine what your mortgage score is. Mortgage credit scores difer from consumer credit report scores. Sometimes the score difference is quite large. I am here if you need more help. I can lend in most of the country. Patrick McCarthy, Northpointe Bank, 866-901-3576

I assist borrowers in Illinois (and nationwide). PrimeLending received an exception from investors, which allows me to offer FHA mortgages for credit 600-640. 30-day closings available. Excellent rates, low fees, close on time.Jori Stern, Sr. Loan Officer, PrimeLending, A PlainsCapital Company. (877) 399-6539. http://www.primelendingdallas.com/fha-mortgage-credit-600