Tips on buying home with less than perfect credit?

I've been working over the last 2 years to raise my FICO score which has gone from 420 to 623.





In fact, my current scores are 600 (TU), 623 (EQ), and 683 (EX).





I still have some open collections on my credit report that I'm trying to get cleaned up. However, I'd really like to move into a home soon.





Any tips would be appreciated.Tips on buying home with less than perfect credit?
I used to be a loan officer and I will give you some helpful tips. Your credit score averages above 620 so you will qualify for a conforming mortgage loan. This means a low down payment and lower interest rate.





Also, what people don't know is that any collection account under $500 dollars, the bank ignores when qualifying for a mortgage loan. So if each collection account is under $500 each you will still be approved.Tips on buying home with less than perfect credit?
How secure is your job?? How much do you have in savings?


If you are still paying off old bills, how will you pay a mortgage, as well as taxes, insurance and utility bills? Right now, there are a lot of people losing their homes because they are in over their heads financially. If you miss a payment on your house, you can be foreclosed, which means you will lose everything you paid, and your credit rating will tank. To save on mortgage insurance, which is not the same as homeowners insurance, you should have 20% down payment as well as several thousand dollars in closing costs. Buying a home is not cheap, and over a 30 year mortgage, you will pay out about three times the price of the house in interest and principal, and that is a conservative estimate. Run the numbers, and don;t get conned because some guy is looking to make a commission on a sale. For you, with bills owing, I would suggest renting, it may be cheaper than all of the other expenses, and save the difference Ina bank account. Best wishes.......have been an owner and now a renter....++$$
First of all those are not bad credit scores. They are average. Second, I would investigage why your experian is so much higher then the other 2. Normally Experian is the lowest for most people. Most lenders will either take the middle score, or the average the of the 3, ussualy whatever is higher. In your case it would about 634. You could probably qualify for conforming loans in at least half of all banks out there with that score. But you will have to shop around because some lenders may charge you higher then they should.