What is a good way to get a mortgage loan for a first time home buyer with bad credit?

on November 22nd, 2010
Posted in: Bad Credit Score Mortgage     Tags: , , ,

I have paid off all delinquent things on my credit report and all I have on there is my carnote and my student loan which are both in good standing. I still have a low credit score which is what is damaging me right now. Any suggestions of lenders or companies that can assist me with purchasing a home?

Credit Score and Mortgage Situation..?

My husband and I were looking into buying our first home with the intentions of obtaining a FHA loan. However, after doing some research a couple months back, I discovered that my husband had a terrible credit score of 547. The ,170 student loan that his father was court ordered to pay during the divorce was more than 90 days late on 9 separate occasions. His father never told us that he wasn’t paying this loan, and since he was in charge of it, the only contact information they had was his father’s and his mother’s/his home address (with whom he doesn’t talk to). After talking to a mortgage loan specialist, we realized there would be no one that would approve us for a mortgage even given the circumstance. So some friends of mine graciously said that they will give us a place to stay so we can financially focus our money on working off his student loans. So my first question is, if we put more than ,000 a month down on his loans, how long would it take before his credit score began to rise? Also, my husband threatened to take him to court for violating the court order where his father then said that he would only be able to get a ,000 loan out to cover the costs. My second question is if we contacted the US Department of Education/Direct Loan (loan lender) and told them the situation, that we had ,000 to put down on it, and that we could send a copy of the court order, would they remove most of the bad credit with the loan?
If someone could please give us some answers and insight into what we could do I would so very much appreciate it. This whole situation has put such a strain on our marriage and I don’t know what to do at this point.

Credit Score and Mortgage Situation..?

My husband and I were looking into buying our first home with the intentions of obtaining a FHA loan. However, after doing some research a couple months back, I discovered that my husband had a terrible credit score of 547. The ,170 student loan that his father was court ordered to pay during the divorce was more than 90 days late on 9 separate occasions. His father never told us that he wasn’t paying this loan, and since he was in charge of it, the only contact information they had was his father’s and his mother’s/his home address (with whom he doesn’t talk to). After talking to a mortgage loan specialist, we realized there would be no one that would approve us for a mortgage even given the circumstance. So some friends of mine graciously said that they will give us a place to stay so we can financially focus our money on working off his student loans. So my first question is, if we put more than ,000 a month down on his loans, how long would it take before his credit score began to rise? Also, my husband threatened to take him to court for violating the court order where his father then said that he would only be able to get a ,000 loan out to cover the costs. My second question is if we contacted the US Department of Education/Direct Loan (loan lender) and told them the situation, that we had ,000 to put down on it, and that we could send a copy of the court order, would they remove most of the bad credit with the loan?
If someone could please give us some answers and insight into what we could do I would so very much appreciate it. This whole situation has put such a strain on our marriage and I don’t know what to do at this point.

Closing a credit card account bad for credit score?

I have a problem with credit cards, and recently paid off a maxed out card with a VERY large credit limit with help from my parents. I would like to close the account so I can’t use it again, but I’ve heard that this will have a negative effect on my credit rating. Is this true, and if so how much of a negative effect? I’m trying to weigh the risk of me caving and racking up more debt vs. the ultimate effect on my credit score for mortgage, care loan, student loan, etc. in the future.

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