You have a something plauging many hard working people nowadays. Couple of things to think about;
1. Do you force your way into home ownership? Meaning, is it that important for you to own, that you are willing to do everything and anything to get it done?
2. Do you line up all your ducks and do it when it's the best time for you?
The answer to either question lies in what you value most, instant gratification or delayed gratification.
2 things to consider;
-The market (pricing wise) will remain about the same for the next 3-5 years. There are many economic factors that will hold the market still. This helps you and gives you time to still own at low prices.
- In order to jump into the market now, will cause you to ......?
This is not an easy answer and I have simplified a lot of it. Feel free to call me and expand on your "OPTIONS". My best advise to you is to always deal when you have "options", it's when you have no options that you make horrible mistakes in your financial life. Hope it helps and I'm always available if you need more helpl.
"As always, the best compliment I can receive from you is your referrals."
Save your money, rebuild your credit and wait. Any loan you would likely come across now would be very expensive. Even after the required time expires, typically 5 years after a foreclosure, you'll need a solid credit profile to be considered.
Rebuilding credit is a commonly missed but critically important step to be ready when the time comes. Start with your bank, you may get a collateralized credit card. Take out some store cards when you can and pay everyone off right away. Auto loans are another good place to get your credit re-established, just don't get carried away.
very best regards
DO NOT dispute accurate information on your credit report just because it is negative in nature, that is a serious crime regardless of what the â€œcredit repairâ€ experts tell you.
FHA will be the most forgiving avenue available to most people, in addition to the two items mentioned above you must also meet their TOTAL Scorecard, something rarely discussed by LOâ€™s.
Here are a few items I thought may help:
TRADE LINE REQUIREMENT:
The borrower must have a minimum of at least three (3) current, open trade lines with 12 months history of being paid as agreed, regardless of AUS findings. Alternative trades are acceptable with AUS approval. Examples of alternative trades include utilities, auto insurance and rent.
If the borrower is currently renting, the rental history must be verified. Rental references on the credit report are acceptable if a rating is provided. A minimum of 12 months must be verified via cancelled checks and/or bank statements if renting from an individual or VOR if completed by management company.
Must be paid in full or have a satisfactory repayment plan is in effect at time of application, established at least 12 months and there have been no late payments on the plan (documentation must be provided to prove satisfactory payments).
â€¢ Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit.
â€¢ Discharged less than two (2) years â€“ NOT eligible.
NMLS # 6395
Financing Kentucky One Home at a Time
Get help sorting out how to build your credit scores, don't be late with any payments and do not charge any BIG expenditures, Keep your ration of debt owed to credit limit to 30%. that is, if you are serious about wanting to buy in the next 2-3 years. There are a ton of places you can go to get help with building up your credit.
A larger down payment is also an advantage. So save your money.
Adrian Realty Company Inc
I'm not necessarily talking about a hard money loan either where your interest rate would be 12% & require 35% down.
I'm happy to pass along a referral for you, if you would shoot me an email directly. My referral works with a private investor arm off of Wells Fargo.
Realtor Since 1996
Main Street Realtors