Sponsor
Home Buyer Help

Valid HTML 4.01!


Down Payment Assistance Programs

Repairing Credit The Right Way

What is the right way to clean collection accounts and gain FICO® fast? (Remember - Work from a TRI MERGED credit report!)

TAX LIENS - BACK CHILD SUPPORT - JUDGMENTS

The easiest step begins with Tax Liens, Back Child Support and Judgments. Settling these account is almost universally required and will increase your credit score. No if, ands or buts about it.

In instances where the amounts are significant, establishing a repayment plan will allow you to qualify for an FHA, VA or Sub Prime loan, but will have no positive impact on your FICO® score.

REVOLVING - INSTALLMENT - MEDICAL - OTHER

For these account types, the most important date you can look at is the "Date Last Reported". If the last reported date is older than two years on a debt, settling this account may indeed have a negative initial impact on your FICO® score and take 90 to 120 days or more to recover from. Don't settle this old of an account "pre contract" without first reviewing it with your Lender, Broker, Banker.

Revolving Charge Offs - Ignore duplicate listings from multiple collection agencies. Focus on the most current owner of the debt. If the date last reported is within the last two years, settle these accounts as cheaply as possible!

Installment Charge Offs - Ignore duplicate listings from multiple collection agencies. Focus on the most current owner of the debt. If the date last reported is within the last two years, settle these accounts as cheaply as possible!

Other Charge Offs - These include, cell phone, utilities, etc. You should again, Ignore duplicate listings from multiple collection agencies. Focus on the most current owner of the debt. If the date last reported is within the last two years, settle these accounts as cheaply as possible!

By the way, NEVER settle on government insured student loans. Pay these in full and if possible, attempt to reactivate the account or reestablish the loan as active under a payment plan.

Medical - While a conventional lender may require large medical collections to be paid, this at the underwriters discretion. Typically, you can expect to pay any medical collections when using conventional financing unless you have an accepted dispute on the debt.

<<<Back - Continue>>>

Home Buyer Education:
The Right Steps To Buying A Home


Copyright Copyright Notice2003 - 2012 U.S. #TX0006199019 - All Rights Reserved
Privacy Policy/Terms of Use

Printer Friendly Page
Advertise
Refer Our Website
Credit Repair Techniques
Mortgage Calculators
Benefits to Mortgage Professionals
Benefits to Builders
Benefits to Realtors
Benefits to Sellers
Articles
Real Estate Terms
Home Buyer Education
First Time Home Buyer Grants
Charity Resources
Benefits To Home Buyers
Down Payment Assistance Home Page
Frequently Asked Questions
About
Find Local Professionals
MLS Search
line bar2
line bar3
line bar4
line bar5
line bar6
line bar7
DOWN PAYMENT SOLUTIONS™
line bar9
line bar10
line bar11
line bar12
line bar13
line bar14
line bar15
line bar16
line bar17
line bar18
MENU


Article:
Mortgage Calculators

bookmark this page

Link To Us - Your Link is why we are found in the search engines! Please Support Our Site



Down Payment Solutions
Find Success

Other Important Links for down payment assistance and first time home buyers:

Home Buyer Grants By State:
Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Hawaii - Idaho - Illinois - Indiana - Iowa - Kansas - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Michigan - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - New York - North Carolina - North Dakota - Ohio - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - DC - West Virginia - Wisconsin - Wyoming