ON Canada - most lenders provide a one time skip a payment especially when your payments are in time. Speak with a TD representative to avail of this program. They may even offer you other services to help you on your current issues as a stop gap solution.

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Hi! my husband and i want to purchase our first home in the next year or so. i have a question regarding our credit. each of our fico scores is between 610-620. we have never filed for bankruptcy, had a car repossessed or even missed a credit card payment. our score is low because of a ton of medical bills we have been slowly paying off when our son became very ill before our new insurance kicked in. the bills are unfortunately on our credit. my question is, with the credit crunch going on would we be able to qualify? we live in san diego, so housing is outrageous which means we will only be able to come up with about 5% down (house prices approx. $700,000). i would greatly appreciate input from people who have obtained loans in the past couple of months, and also people in the banking industry. thanks so much!

Well WFR is incorrect. As far as I know with a jumbo loan amount like that there is no 100% financing available especially in most of CA right now regardless of loan amount unless you are going with a VA loan or Calhfa first time homebuyer program. Now with a sales price of $700,000 FHA is definitely out of the question because they do not go that high. But there is good news on the horizon. Possibly within the next month or so the conforming limit may be rising to between 600,000 - 700,000. When and if this happens it will open a lot of doors for you for financing and 5% down would work. So kind of hang in there and see what happens. It could make a huge difference in your payment. Now with 5% down you will need to pay PMI. You want to make sure your middle scores are no less then 620. If it is then you're PMI will be substantially higher. Have a loan consultant pull your credit and review it to see if there is anything you can work on now to raise your scores. If your medical bills are older and you pay them now it could lower your score. If you have high balances on your credit cards it could affect your score too. You need to have someone who understands credit reports review yours to get you going in the right direction. I hope this helps.