[Wayne]

I am a 1st time home buyer. I have a low credit score. Last I checked it was 590. I have $8000 in debt (car loan) $330 a month and use a credit card up to $300 a month and pay it off each month. I had 2 collections I didn't know about until i ran my report about 8 months ago. They have been paid in full. I make $52000 a year and been there for 5 years. I am looking at a house for around $72000. I have the 20% for down payment. Any chance of me getting a mortgage and who should I check with?

[tye_5mc]

it's going to be slim... right now most lenders require a mid score of 620 to get an FHA loan and with conventional loans it's between 680-720. I would suggest hiring a good credit strategist to help get your scores above the 620-ish mark and you should be okay; will probably take about 60-90 days provided you invest in paying off or settling your charge-offs.

[Alexis]

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.