Time frame - question attached this time ;)

It would be hard to tell you the best course of action with out seeing the actual report.

ya.. Bad thing.. In trying to do the right thing, you probably lowered your score.. Credit reports are driven by "the date of last activity".. When you have a 5 year old collection, its impact on your credit score will be minimal... but if you pay that 5 year old collection, the "Date of last activity" becomes current.. And credit reports hate recent derogatory credit.. Also keep in mind that there is little difference between a "Collection" and a "Paid Collection".. The negative impact to your credit comes from the fact that it's a collection.. Paid or not... most lenders require a 640 or above.. Several go down to 620 or 600 and there very few that go below 580... 580 scores or above will require 10% down, but those lenders that allow the low scores have VERY STRICT rules.. No degro credit in the last 24 to 48 months, based on the "Date of last activity", which you now have showing from September.. You have some time and work to do if you wish to purchase a home.. Another hurdle you will have is in regards to your income.. Your husband's new job income will not be considered since it's new and maybe/maybe not part time.. if the part time job you have has been consistent for the last 2 years, the lender will allow it.. Also, self employed borrowers have a disadvantage... it doesn't matter how much money your business takes in.. what matters is what is left over after all deductions, because whatever income you show the IRS is your, is the same income the lender will use to determine your ratios... you will need 2 years tax returns, all pages, all schedules, and these forms will be verified by the lender through the IRS... you have a lot of work to do.. In the past I used to work with borrowers who have poor credit, but I learned very quickly why it's usually a waste of time, since most folks with bad credit have bad habits, and rarely do they listen to the advice of those trying to help them.. Maybe you're the exception?? I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Write it up again. Sometimes they take minute to show up.

I dont know what you may be doing wrong. Email your question to me directly. jshamie@fcbmtg.com

FHA allows financing down to a 580 but you will need to call around to several Local Brokers to find if they have an investor that will go that low. I'll bet you will find one that can go down to 600 score. That leads to the next answer and what you need to have him/her help you with is doing a rapid rescore now that you have paid those collections paid off. What I suggest is you call all those collection companies you paid and see if they will give you a letter to have them removed from your credit report. It's a long shot now that they are paid, but doable, especially if they are medical collections. If they do, then you can get the letters to the lender you will be working with to help you get them removed off your credit. Most credit companies generally charge a fee, about $25 per item per bureau, to do a rapid rescore. If you still have some more to pay then try to work this out BEFORE you pay them off and negotiate with them that you will pay the balance in a couple days if they will send you a letter stating the accounts will be REMOVED from your credit report once paid. ****Make sure to get this in writing BEFORE you pay them if they agree****. They may, or may not, agree but unless you ask you'll never know it.The third part of your question is that it appears your husband is self employed and went to a W2 wage earner for extra income. If this is the case then FHA will allow to use that income with thirty days pay stubs. If it he is already a W2 wage earner, and got a 2nd W2 wage earner position, then that income will need at least a 1yr history of receiving it in order to be able to use it but you can get some bills paid off in the mean time.Honestly yours is a bit more complicated than most and you will be served best with meeting with a Local lender in your area that you can meet with. It will take a little work to get done but it is very doable.I don't lend in MN but if you know anyone in Utah please have them call or contact me at 801-971-6901 or MortgaeLendingPro@gmail.com

please email me at yourloanpartnerforlife@live.com i know of a company that actually can help speed things up on your credit report, and they really do a legit business for credit restoration.. linda