The answer is yes, based on your question Luke is right FHA sounds like the best way to go. I would suggest having a Market Analysis on your home and having the Real Estate Agent prepare a Net Sheet so you get a good idea of what you will walk away with from the sale of your home.
I would also suggest talking to a reputable mortgage person first so you can get pre-approved for a mortgage, so you know you can definately buy another home when your home sells. Please contact me at Todd@ToddOrrill.com or vistit my website to receive a FREE no cost or obligation Market Analysis of your home.
I would be glad to help you prequalify for your new purchase. You seem like a perfect candiate for an FHA loan because FHA is more concerned with income and cash reserves than they are about pristine credit - and the rates are very close to conventional anyway!
They are also more forgiving for lack of income due to be ing out of work, like you were.
Please call me whenever is convenient for you. I work for a national mortgage lender - not a brokerage and we underwrite a very strong portfolio of loans.
Having read all the comments on this page, I have to share that I don't agree with many of them. My husband and I are a professional real estate team. While I do say the taxes are a bit high in Pickerington, this is due to land value and the great school district that is here. Pickerington school district is the only school in the "Excellent with Distinction" rating. There is a price to pay for that. Having said that, the other areas that are surrounding Pickerington are in fact using approximately the SAME tax factor. Reynoldsburg, Canal Winchester, Gahanna, Blacklick are quoting same taxes. These taxes vary very little if any.
But the differences are there in what the community offers. While the choice remains totally yours, you will want to be sure you are investing in "where others want to live". Thats a good sign of a growing community and worth your investment. Ask around. See what is offered in community development.
While you may have some issues with your credit, don't GUESS at whether its good enough to purchase again or not, I agree with the lenders, get with some one who can share what you need to do to be ready to purchase. A lease/purchase may be an option for youright now. There are quite a few to choose from. This gives you an opportunity to buy now...even if you can't close yet...and get a good deal on the home, while you live there your credit is getting cleaned up with a lender or credit repair company. Then when its time for closing, your credit is ready to go. Be sure however, that you get with a credit repair company through your lender and not a company you know nothing about. There should be some cost but not a huge cost to that repair. If you have any questions feel free to call any time. 614-738-6813
try your best to get what you want and always talk them down ...don't just jump...people are really trying to get their homes sold fast if on the market.....some homes sit for a long time in pickerington ...and think if trying to move to pickerington live in a surrouding area don't play the high tax game in pickerington...your kids etc can still enjoy the schools that pickerington has to offer by living in a surrounding area where you don't pay the high tax game
Avoid anyone who asks for money & promises to scrub your credit scores. Legitamate mortgage brokers will counsel you and tell you what YOU need to do to raise YOUR scores. The emphasis is on actions that YOU & YOUR HUSBAND need to take.
FHA loans would be an excellent type of loan to start exploring.