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Hello,
Thanks in advance for any helpful replies to my question. I have a Fico score of 635. The score is low mainly due to two collections being posted on my credit reports within the last two years. I don't think I will be able to have the collections removed from the reports.
I want to purchase a condo in about one year. It's not likely that the credit score will dramatically increase in this time. Is it likely that I will find a bank, credit union, or mortgage broker who will approve me for a "not too large mortgage," around $100,000-120,000, with a down-payment of 10%, provided that the interest rate will be higher than the rate for a person with better credit?
I am interested in a conventional loan, as the people I have spoken with to date convince me away from an FHA loan.
I'm really not looking to find a broker through this site. I was just trying to get some advice. Thanks all for the help.
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