Zillow Advice: FHA and VA Loans - Preapproval process for mortgage with Bad Credit http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ Zillow Advice | Zillow Real Estate Hi&nbsp;with your current ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ Hi&nbsp;<br/><br/>with your current credit score you should be ok , sorry we can not advise to contact us or any one we know . but you can check find pro and look for mortgage broker.<br/><br/><br/>good luck<br/><br/>Omar Khamisa&nbsp; Fri, 22 Nov 2013 06:55:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-22T06:55:00Z Are those your recent scores? ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ Are those your recent scores? If they are your credit scores are still acceptable! The lowest credit scores lenders like myself are able to do, is a score of 580.&nbsp;So us lenders would be able to&nbsp;give you a loan if your other finances are in place.&nbsp;It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.<br/><br/>Good Luck! Mon, 18 Nov 2013 21:20:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T21:20:00Z Hi,Your credit score is within ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ Hi,<br/><br/>Your credit score is within the range of acceptable, so the score won't be an issue to get you an FHA mortgage. &nbsp;The collections may be an issue, depending on the amount, and and how recent. &nbsp;If they are six years old, they'll be a lot less important than if they were recent. &nbsp;One factor, though, is if they have been sold to other collection agencies, and reported incorrectly as new collections. &nbsp;Inaccuracies can really do damage to your scores and loan approval chances. &nbsp;Your best option is to work with a lender to be preapproved and know exactly where you stand.<br/><br/>I'm a California lender, not far from you. &nbsp;Please contact me, and I'll be happy to help. Mon, 18 Nov 2013 15:09:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T15:09:00Z It is about just 6 years. ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ It is about just 6 years. It should fall off around Nov 2014. The house values in the area are rising and our lease on hour condo is over so we wanted to buy a house before it is out of reach. Thanks for the advice. I will get with a broker and determine what the best route is Mon, 18 Nov 2013 03:37:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T03:37:00Z It may be best to let them ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ It may be best to let them pull your credit. There going to have to at some point. It really depends on how preliminary the first meeting with a Broker is. You having recent reports could allow a more&nbsp; meaningful preliminary discussion to occur, than if you didn't know recent scores.<br/><br/>How much past six years old is the collection account? It goes away in seven years from date of last activity. Mon, 18 Nov 2013 03:01:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T03:01:00Z I checked my score recently ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ I checked my score recently and it is now around above 640. My worry is my account in collections. It is a large sum and I'm worried about the loan being denied in underwriting. Worst case scenario is my wife would apply for the loan on her own but only be qualified for 200,000. I will just have to get with a broker and determine what's the best solution. Do I take my credit scores to a broker and they prequalify or do they pull my credit? Mon, 18 Nov 2013 02:55:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T02:55:00Z There is a program for the ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ There is a program for the first time home buyer in VA for people with a low credit score or not a lot of cash.The name is VHDA. in order to get qualified, you need to find a VHDA certified lender to help you out, take a free class, get certification and work with a VHDA certified Realtor. I'm one of them. I can provide you names of lenders as well. It's a great program. If you qualified, you can do 3% down payment for a conventional loan or 0% FHA. Mon, 18 Nov 2013 00:54:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T00:54:00Z For the agents on the post ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ <br/>For the agents on the post stream below are a couple of notes:<br/>1)&nbsp; 640 was the norm with many lenders until the refinance boom ended and now most will allow a 620.<br/>2)&nbsp; For FHA loans typically a dispute will need to be completely resolved and remove prior to final approval. Disputing accounts is not a great strategy any longer.&nbsp; On Conventional loans disputes can also be problematic but sometimes they are not an issue.&nbsp; They are almost always an issue on an FHA loan unless the borrower can prove with certainty that the account disputed is not their's and that is rarely the case. Mon, 18 Nov 2013 00:41:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T00:41:00Z To Agents..... if you choose ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ To Agents..... if you choose to answer a question on the <strong>MORTGAGE FORUM,</strong> be sure you know the answer. Advising consumers to dispute a collection account could result in not being able to be approved for a mortgage. There are specific guidelines for collection accts with and without disputes, and having a discussion with an experienced loan officer during a pre approval process will determine the&nbsp;course of action to take; including in poster's case, how to possibly increase score&nbsp;4 points to get better rate/terms. Mon, 18 Nov 2013 00:09:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-18T00:09:00Z You should be able to qualify ... http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ You should be able to qualify under FHA. Even if your score drops down to 580, you still have a shot with FHA. You can dispute anything with the CB that you think was an error and generally they're willing to work with you. As far as shopping around for a loan. I would recommend to search &nbsp;for a loan officers on Zillow as you can read their past client reviews and get an idea of their performance.&nbsp; Sun, 17 Nov 2013 23:00:00 GMT http://www.zillow.com/advice-thread/Preapproval-process-for-mortgage-with-Bad-Credit/519310/ 2013-11-17T23:00:00Z