The Manufactured Housing Forums

I want to purchase a home in 2 yrs, and I have bad credit. I have a voluntary

repossession thats new. I want to pay some of my old accounts off, so when the

time comes my credit score will be better. Will the repossession hinder me

from being financed in the future?

Most important is to make sure you do not add to the problems...Your credit scores will rise with time...Paying off old collections do not always raise scores..Collections will still be listed for 7 years even if the balance reads 0...The most common type of finance is FHA....FHA does not look at FICO scores but does look closely at the payment records in the last 2 years..also thew last 12 months cannot have ANY 30 day late notices...Small collections are OK but they must not total over $2500.....The "voluntary" repo is a repo..When the lender sells the car he will still expect you to pay off any remaining balance..This one concerns me because the balance is likely to be quite large..Giving the car back does NOT absolve you of your debt..FHA does give great weight to assets..So verifiable accounts count for you very favorably..I have had many approvals just because of large 401K accounts..It takes a while to get into a credit hole and it takes a while to get out..I will say that off frame modular homes have many more second chance lending programs available which will do low score loans..Of course this could change by then..Early planning is important...If scores are important to you check out www.myfico.com
Get you CB files and start the process of correcting errors..Remember there are 3 CBS and mortgage lenders use them all..You can get these files free from all of them..When checking scores..only buy the FICO scores not some of the other scores out there for sale...For very detailed info about the mortgage process and terms..Check out http://www.mtgprofessor.com/