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credit counseling to buy a home?
Here's the skinny: I would like to qualify for a FHA loan. My credit is in shambles because until a year ago, I was unemployed. I have a car repo and various other bad things on my credit report. What I am looking for is a legit credit counseling company to tell me the best way to repair my credit on my own in the shortest amount of time. I know that an FHA loan will take you even if you have significant blemishes on your credit. I want an expert to sit down with me and go line by line to make a plan. Should I just contact a bank that does the FHA loans and see if someone could help me or is there something else I can do. I'm well aware that I could repair everything on my own with time and that somethings just take time when it comes to credit. However, my researching online has just seemed to confuse me evenmore and I'm not sure what is the best course of action. Thanks.
2 Answers
- CatDadLv 78 years ago
Non profit credit counseling firms like NFCC/CCCS are not in the business of credit repair. These are firms that put a person who has just gotten behind in credit card debts on a payment plan of reduced payments. For loans and credit cards that have already defaulted, there is nothing they can do for you. The debt management plans that they offer are not meant for accounts that have already defaulted.
- It takes at least 2 years to repair your credit after major events like repo's and credit card defaults. I would not even waste my time contacting FHA at this point. No lender is going to give you a mortgage right now.
- Any mortgage lender is going to require that all of these defaults be paid off before they will give you a mortgage. If you don't have the money to save/settle this defaults, then there is not much you can do but save your money and settle when you can. Paying the defaults will not fix your credit, but paid does look better. Never contact creditors/debt collectors to get on payment plans for accounts that have already defaulted. Paying this way will not fix your credit and payment plans unusually do not turn out well.
How to pay collection accounts: http://goo.gl/RTyWw
- Don't waste your time with "credit repair" firms. Accurate negative info stays on your credit report for 7 years and no firm or credit counseling firm can go in and zap out accurate negative info.
- You should accept that you're at least 2 years away from qualifying for any mortgage.
- Christin KLv 78 years ago
Consumer Credit Counseling. Hands down, the best people to help you with this. They are a non-profit agency that does not charge you any fees for telling you how to repair your credit, and they are recommended by a lot of bankruptcy referees for being accurate, correct and honest. You will have to do a google search in your particular area for the one closest to you--there are slightly different regulations in every state that the regional offices will know about. They will help you. Good luck.
