Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for MaryCramer

Trying to Get a Mortgage

I'm 21 years old and I have a 598 credit score and was told it would go up approximately 49 points because I now officially have no debt. My fiance has a credit score of 538 with about $1200 in collections from a medical bill that can be paid off this week but with a $970 collection from school that we had no knowledge of until about last month (even though the school SWEARS they sent out notices and such to inform him of the debt).  We just talked to a mortgage lender and were told there was no way we could do anything. We're trying to get out of the apartment we're in due to our not so friendly neighbors and the lack of a yard for our daughter. Not to mention the fact that I see it as ridiculous that we're paying almost $800 a month on something we'll never own. Is there anything at all we can do for a loan?

Note: I know I will have the credit score to be able to apply for a mortgage, but have to wait a year due to the late payments.  My fiance, however, will have the income to show that we can afford the house.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 25 2013 - Mooresville
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Mary FHA allows buyers with sub 600 credit scores to qualify for financing even with collections. Your fiance may need to elevate his score slightly to qualify but you qualify now.

I have actually aided several clients purchase new homes even though they had collections, charge offs and credit scores under 600. Please let me know if you have any questions.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28 2013
Contact me by clicking on my profile and I will send you a link to an article I wrote that has served hundreds of borrowers get their scores up.

Best of Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 27 2013
Hi Mary,

If you and your fiance work on getting your credit scores to roughly a 620 you will have a much better chance at getting a loan as that is the threshold for many lender...there are some that go lower but 620 or higher is a safe bet! By paying off his collections that should help quite a bit in regards to his score! I wish you the best of luck!

Michael
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 26 2013
Profile picture for LeavingFlorida
Can you look for a home to rent, pay rent on time for a year, then go from there?

Might solve both problems, newer place to live, kid gets a yard, bad neighbors gone, and pay all your bills on time to improve your credit, and show you can do it yes?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 25 2013
 
Related Questions
Trying to Get a Mortgage
Profile picture for Jeremy  Harrison
Latest answer by Jeremy Harrison
August 28 2013 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4193 Mohawk Trl, Martinsville, IN Home For Sale
    4193 Mohawk Trl, Martinsville, IN 46151

     For Sale: $160,000

    • Beds: 4
    • Sqft: 1984
    • Baths: 3.0
    • Lot: 242193
  2. 111 N Main St, Brooklyn, IN Home For Sale
    111 N Main St, Brooklyn, IN 46111

     For Sale: $61,750

    • Beds: 2
    • Sqft: 2358
    • Baths: 2.0
    • Lot: 16117
  3. 8269 Ossian Ct, Camby, IN Home For Sale
    8269 Ossian Ct, Camby, IN 46113

     For Sale: $165,000

    • Beds: 4
    • Sqft: 3012
    • Baths: 3.0
    • Lot: 6098