Profile picture for Celeste30

564 score med bills yrs ago & 2 late pymts to a c/c 2yrs ago all current now is there hope 4 a loan?

I have been working on fixing my credit since december 09 and I am not sure if banks will look past the medical bills or see that even though some bills are listed negitive I did pay them

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June 22 2010 - Town of Amsterdam
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Answers (5)

Celeste, most all lenders will require 620+ to originate a loan, but there are still a few that will manually underwrite with lower scores, and you are not far off. I do have a friend who is a broker who can help you. You are welcome to contact me anytime and I will be happy to point you in the right direction. Thx.
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August 02 2010
Profile picture for wetdawgs
Celeste30:  You wrote "even though some bills are listed negative, I did pay them"   Does this mean that the credit report has incorrect information, or are they reporting accurately that you paid the bills late.   If the former, work with the credit agencies to correct the error.   If the latter, late payments are indeed an important part of your credit report.

It can take a couple of years to rebuild credit.  Be patient, do the right things.   There is no emergency to buy a house.
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June 23 2010
Look to your local credit unions. They will be the most forgiving until you are able to get your credit score to a higher level.

Huh?  James, do you really think a credit union will be more forgiving than a FHA loan?  Typically, credit unions will be more conservative...not more forgiving. 


You will also want to find a lender who manually underwrites their loans. 

Even folks that have manual underwriting require minimum scores. And, collections and late payments are certainly not compensating factors to approve a loan manually.  This looks like good advice from 2005.  It may be better stick to giving real estate advice and leave the mortgage boards to the Zillow mortgage lenders.
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June 23 2010
Look to your local credit unions. They will be the most forgiving until you are able to get your credit score to a higher level.  You will also want to find a lender who manually underwrites their loans.  This means they look at more than just the credit score. They look at recent history, the circumstances around bad payments, etc, and make a decision based on the person as a whole, not just the number assigned to them by the credit reporting agencies.
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June 23 2010
Unfortunately with that credit score, you will not qualify for conventional or FHA financing.  Work on getting the rest of your credit cleaned up and start establishing credit.  Cleaning up your credit, establishing new credit, and time will improve your score.
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June 23 2010
 
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