Q: I've had a foreclosure in the last four years. My credit score is 580. I'm working on improving it with the help of a credit company that is working on my behalf to negotiate with creditors to reduce my debt. Will I be able to qualify as a first-time homebuyer again when I do purchase? Also, what does my credit score need to be at to qualify for financing? --Simona, California
A: Many Americans are emerging from foreclosure in the same exact situation as you now find yourself. There are a number of moving parts to your question and your scenario, so let's take them in turn.
First, your credit score. To obtain an FHA loan, post-foreclosure, currently takes a minimum credit score of 620-640, with most major lenders.
If you can get your cre