Lenders for missouri home loan.
Hello lenders that do missouri loans. I have questions about my credit and need advice on what I should do. I have damaged credit such as charge offs, collections accounts old bankruptcy which most are 2006- 2008 accounts that are bad debt on my credit. Honestly next to the worst credit due to a job loss a few years back but all this bad debt still remains being unpaid on the credit reports. The old bankruptcy is a 2003 public record on there. I have a car payment I have been paying for 8 months that report every month and just got a secured credit card that will be reporting every month. My question is will this help get me approved for a first time home buyer loan real soon even though all this bad debt will be on all credit reports? I do rent at this time and have been at the same house about 4 years. If I havent payed my landlord by a check every month to show proof for a credit line then would it work by showing all reciepts of lease payments to be considered for the third line of credit for a home loan? We really want to buy our first home and have 2 lines of credit but if the lease would count by showing all reciepts I would have this too so please let me know. Can you also be approved by any lender with a credit score 600? Thank you. by tracy._523_815 from Reeds Spring, Missouri. Apr 7th 2013
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions
Concentrate on getting your credit cleaned up. If there are accounts on your bureau that were discharged in the BK but don't show that way, contact the creditors and have them update the info. If there are accounts on your bureau that are still outstanding, see if you can settle with them or work out a payment plan. The sooner you get your credit cleaned up, the sooner you will qualify to buy a home.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Credit needs to be clean first
Ray Antonelli (Focused)
#68 ranked lender in Ohio - 66 contributions
Hi TracyIn Reverse order there are a few lenders that do mortgages at 600 score but it takes a month of Sundays to get the loan approved. Better to work on getting the scores up a little to above 640. On time car lease payments should report to credit and will help. The secured card will also help. The key to improving credit over time is on time payments like religion and keeping card balances below 30% of the limits as often as possible.It is imperative that you pay the rent by check or have it auto deducted from your checking account every month on the same day for the same amt. 12 or 24 canceled cks or bank statements showing on time rent payments goes a looong way to make an underwriter feel good about approving a new mortgage.If all the bad stuff is in the past now would be a good time to get involved with a reliable, low cost credit repair firm. I would be happy to make the referral. The average score increase is 15 to 20 points per month.If the collections are not too big you may not have to pay them off to be approved for a mortgage.Try this: http://www.ohioscpa.com/cpe/online-library/item?ID=257This is a link to a webinar I conducted for the Ohio Society of CPAs titled "10 Steps 2 Perfect Credit"Free to watch. It's 56 minutes of the most down to earth, nuts and bolts info on how to get and keep good credit.I have other tips I can forward to you. Send me an email for more info. ray 100 at gmail dot com
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
clean up your credit then you will be on the right track.
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