Home Buying in 50035>Question Details

Wantahome, Home Buyer in 50035

I had to let my house go to forclosure last year. Well, I actually probably didn't have to but because my house was built on debris buried by

Asked by Wantahome, 50035 Sat Nov 13, 2010

the developer it made sense to let it go when my business went out. (Long Story)
I now have my finances back on track and am looking to buy a home but no lender will touch me. Is there anything I can do to get a loan other than wait a few years? My credit scores are not that bad since my credit was perfect before the business failing.

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Beth gives good advice. Let me know what price point / payment / down payment you are looking for. I have a couple of houses for contract sale and I know several good investors that sell on contract. A lender, whether bank or private investor, never feels good to here a seller walked away form their home - but a good down payment would help to aleviate some fears.

Nigel Chapman
RE/MAX Real Estate Concepts
Des Moines, IA
515 321-8094
Licensed Real Estate Broker in Iowa
0 votes Thank Flag Link Sun Nov 14, 2010
There are still people you can use for contracts. Although I don't know what your cash position is... Most contract carriers will look for a bigger down payment.
Calling agents who work that portion of the market in your local area is probably your best bet. They will know who's still carrying contracts and what the terms will be. There are usually homes on the market where the seller will carry a contract as well.
0 votes Thank Flag Link Sat Nov 13, 2010
Hi Wantahome

See if a family member can buy in there name for you and transfer into your name later. No lender is going to touch you for 2 to 5 years unfortunately.

Good Luck!
Chris Blasic
0 votes Thank Flag Link Sat Nov 13, 2010
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