Financing in East Jordan>Question Details

Michelle Sul…, Other/Just Looking in Michigan

SINGLE MOTHER LOOKING FOR SOME CREATIVE FINANCING.

Asked by Michelle Sullivan, Michigan Wed May 19, 2010

Recently divorced-trying to purchase a home for myself and children. Marriage left me with bad credit and no place to call home. Is there a source for a hard worker with bad credit willing to do what it takes to get into a home of my own.

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MIchelle,

FHA requires 2 years from the discharge of your chapter 7 BK. It's fairly easy to clean up a report after a BK occcurs. Please feel free to contact me and we can work on correcting any inaccurate information and rebuilding a few new open and active tradelines. That is they key. Once we hit a 580 middle score (if you can verify your rental history through cancelled checks or through a management company, then we can offer a 3.5% down purchase loan. If you have no verifiable rental history we'll need a 620 middle score. Please feel free to contact me if you would like my assistance. Also, there are people out there who will hold a land contract for you, but your are usually better off just working on credit and renting for now. Most LC deals sell at a premium and you'll likely get a better deal for waiting a bit.

Thanks,

TJ Malkasian
Mortgage Banker

Top Flite Financial, Inc.

P: (877) FHA-QUOTE
P: (616) 433.7066

E-mail: TJ@TopFliteFinancial.com
1 vote Thank Flag Link Thu May 20, 2010
My credit history involves a bankruptcy. How long will it take to repair this? I am afraid I will never be able to own my own home. It is such a waste to pay 800-1000 month rent when I could be buying a home. I wondered if there are any finaciers willing to hold a land contract until I am able to rebuild my credit at which time I can secure financing.
0 votes Thank Flag Link Wed May 19, 2010
The only thing you can do is rent and work on your credit. If there is anything that is covered by your divorce decree about what you are and are not responsible for, you could possibly have some accounts removed from your report. Do you have any good accounts at all, where you pay on time and keep a relatively low balance?
0 votes Thank Flag Link Wed May 19, 2010
The only thing you can do is rent and work on your credit. If there is anything that is covered by your divorce decree about what you are and are not responsible for, you could possibly have some accounts removed from your report. Do you have any good accounts at all, where you pay on time and keep a relatively low balance?
0 votes Thank Flag Link Wed May 19, 2010
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