Since you have little debt, live on 40k for a year and save the other 150k then buy a small house for cash.
Why is your score in the mid 500s?
Please feel free to contact me in confidence.
R. Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
There are a lot of different reasons for why your score is in the mid 500's. It may be an easy fix to bring your score up. One of my mortgage partners specializes in your exact situation. He would be happy to consult with you.
Keller Williams Realty
PS: Check my client testimonials!
has your best interest at heart. Wish you well. Hopefully, you will eventually improve your score to go onthe mortage as well . It can happen.
Seems there's some other issues here. The best suggestion I could give you is to sit down with a financial professional to reiew your credit to see what things are driving your credit scores down to that level. Is it due to errors? Even if you are making $190K, what is your disposible income? You can make $190K a year and have lots of money left after paying bills, but you lose it all at the casinos...you don't have enough left to buy anything for cash. In that I am not a financial professional, and based on what you state and what you don't state...if as Jim says, just be sure to pay stuff on time. After a specific period of time (I think it might be 12 months) your scores should drastically increase uless there's something else on the credit report.
Seek advice from a financial professional to analyse your credit report.
Residential Marketing Specialist
Joe Wiessner Realty, LLC
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or we try to identify a lender that will use you and you wife her score and only your income.
Call First Prestige Mortgage Services, Inc I am sure they will be able to assist you.
888-FHA-ROAD or 973-744-8300
Autumn M. Urling
NMLS # 6395
Financing Kentucky One Home at a Time
You might convince a seller to hold the mortgage for you or do an installment sale contract, however, they would need to own the property free and clear so there aren't many of those situations. This property is available for an installment sale contract with 25% down. It's $150k and you can see the tour here http://www.visualtour.com/show.asp?t=2180897
If that's helpful, click the Thumbs Up!
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
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If you have the income and she has the credit, it will be tough. If she has decent income, you can go for it in her name and add yours later. Any lender will be able to advise you. Let me know if you need a good one.