lack of credit

Hello Sergei.Stonegate Mortgage will lend with scores down to 620. Our FHA/VA/USDA rates are as low as you will find anywhere. We can use alternative tradelines, such as rent, utitlities, car insurance, cell phone...to establish account history, if necessary. Our rates should be posted on my profile page, but the APR on Gov't insured/guaranteed loans is higher than the Note rate due to the mortgage insurance or guarantee fees the gov't agencies charge. This is a default insurance fund that all borrowers pay into. With that being said, you should still be able to get a rate and APR that is very suitable for your situation. I am not personally licensed in Mich, but Stonegate is. If you are interested in pursuing this further, contact me and I can find you a licensed mortgage advisor.

Paying off a collection will not improve your credit score.. In fact it could go lower. There is ZERO difference from a collection, and a paid collection.. The fact that a obligation went to collections is what lowers your score.. But you won't have a paid collection.. You will have a settled account.. Which is a completely different impact to your credit, and because it's just been done, the "Date of Last Activity" will reflect the current date, which makes it a fresh negative mark on your credit report, and will lower your score even further. You should have consulted a credit specialist.. It's possible you could have negotiated the complete deletion of the account from your credit in lieu of payment. Then you would have seen an improvement.. But based on what you're saying, your score is probably going to go lower... there are lenders out there that will lend down to as low as 580, but the guidelines are very strict and very few end up qualifying... Also, no mortgage loan officer would ever quote an interest rate without knowing the complete profile of the borrower. You need to reach out to a local mortgage broker and apply with them.. They'll be able to look at the complete picture and can advise you on the right path to take to get approved for a mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If your job is full time I should be able to help you as long as you have enough income to qualify. Call me at 734-395-9027

Sergei, my company is a corespondent lender with Stonegate Mortgage and I'm located and licensed in the state of MI. These are tougher loans and they typically take longer to close. There might be a way to get your scores up over 640 so I can do your loan in-house through my own company (Union National Mortgage)

Stonegate Mortgage here again. Call Austin Smith in Mich at 317-508-7007. Tell him Pat McCarthy in the Columbus office referred you.

Rates will be based on several factors that you have not provided. Best thing to do is to contact a local lender. Best Of Luck!

There maybe some programs that allows you financing with your scores try your local BBVA Compass bank branch and ask for the first time homebuyer program. Tell them I referred you.