I am not a realtor so I don't know about the purchase of a $100K property. Since I am a mortgage banker, I may be able to help you. I would like to visit with you and spend sometime discussing your situtation. There are simply too many questions that I need answered and this is not the media to do it. But, pulling your credit will be necessary. If you cannot buy a home now I willl work with you to develope a plan to get there. You certainly can have some hope.
Because if you agree to buy a home for $110K and it's only appraised at $90K, chances are you won't be able to get a conventional or FHA mortgage when you do qualify.
You'll need at least a 620 to qualify for any loan. FHA is a 3.5% down program
#1) Make sure your credit report is accurate
#2) Begin opening new credit. I'm not suggesting you get into debt but you'll need new credit to see an improvement in your scores.
#3) As your credit begins to improve pay your new credit like clock works, eventually your creditors will extend you more and more credit and this is how scores improve. Time and diligence!
You would still be on title.... As Texas is a Community Property State.
We will pull your credit to add your debt payments to his loan application , but YOUR credit will have absolutely no bearing on the loan unless you have a judgment or something. If it does, get a different lender who knows the guidelines. This would be the same for FHA or Conventional mortgage.
You can do owner financing in this situation. Guaranteed.
I have successfully placed several folks with bad credit into
homes that do not require credit checks.
If you're interested in how it works, please contact me.
I am a local Mortgage Banker and we work with borrowers with less than perfect credit all the time. The first step in the process is to see where you are now in regards to your credit. Once we know your current credit scores we can create a timeline to give you a much better idea of what needs to be done and how soon. Its very possible you may qualify right away or in a very short amount of time. We have a very strong relationship with a credit repair company that offers some of the lowest prices in the country. Give me a call and lets talk about it.
Have you considered his name on mortgage? Both names on title? could be a solution
Many issues are involved increase credit scores to obtain a loan DEPENDS on circumstances you might have scores increase within 60 - 90 days.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Your best approach may be twofold......with number one, working toward improving your credit score, while number two is continuing to consult with lenders to find someone that is willing to support your needs.
We have seen people turned down by many lenders that refused to give up and eventually found the right combination. Our best recommendation is to not give throw in the towel but continue knocking on doors......one still may open for you.
The Eckler Team