I’m trying to clean up my act and finally buy a house but my credit score is very low…I just paid off all debt…HELP ME!!! :-[
It is hard to answer that question without knowing all of your parameters.
The first step is finding out what your credit score is.
Once you know where that stands then you will need to prequalify yourself based on debt to income.
This will help you decide what size loan that you can afford.
I hope that you did not close all of the acounts that you paid off. Closing then will have an adverse effect on your credit score.
I am assuming, that since you just paid off all of your debt, you do not have much reserve money for down payments, closing costs, etc. This makes it more difficult to find funds.
Getting conforming loan money for 100% w/ a low credit score will be tough. There are several options like seller carrybacks/concessions that could help you in this predicament.
You need to have someone do a preapproval on you to get a solid answer.
Mdhaas is right. It might be though getting a conventional loan with that score. However you might want to try a government backed loan. They may approve you with your collections paid off.
They sometimes require 3% down but it can be a gift.