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Hi,I currently have a TU 562 (ugh) credit score but a 611 vantagescore. Someone I co-signed for defaulted on a car loan, which was repo'd back in Oct 2013. I have about $900 left to pay on it and then it will be done but I know it lasts for years longer. My current car payment is current as well as some revolving credit I have. I do have a judgement on my account which isn't mine (I sued someone, I won but the judgement is backwards on my credit) and so far, only TU has removed it. I also have some medical that probably hurts me too. I am hoping to buy a house early 2015. I have been at my job for 2 years and make a decent salary. I am hoping to save $3k between now and then to use as a down payment. I found a great house for $102k in a neighborhood I love but doubtful that one will be around in a year. My question is, if I pay off that repo and get that judgement off the other credit reports, what are my chances of getting a house with 3.5% down in Jan or Feb 2015? Can closing costs always be rolled into a mortgage?Thanks
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You are doing all the right things now to buy later. Staying on time with current debt will help your scores as well as keeping your lines of credit below 30-40% of our limits. Fixing errors and having your medical collections deleted from credit (not just paid off) will also help you tremendously. I refer my clients to a local credit repair company that does an amazing job! Many lenders need a 640 or higher score, but some are able to do tFHA loans below 600, albeit more documentation is often required.Bottom line your chances are great if you keep doing what you are doing. High 600 fico scores is a very real possibility for you. Saving your downpayment will also show you are capable and responsible enough to own a home. Good Luck to you!
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