Glen,

As a mortgage lender, I will tell you that having bad credit will affect a loan approval at this time. I would recommend you work on getting the credit fixed before trying to buy a home. The mortgage guidelines are only getting stricter, and having just a good job is not going to be enough with a loan approval. If you need a referral for a credit company to help fix your credit just let me know.

short sale: the sale price is not sufficient to pay off the mortgage. These can be complex, depending on how many mortgages there are, as in addition to getting the buyer to sell you the home, you need the bank to agree as well.

quit claim deed: a deed whereby the grantor gives his interest in a property to the grantee. It does not guarantee anything, it merely transfers what ownership if any the grantor had. (I'm not an attorney, blah blah blah, if you really need legal advice, contact an attorney)

Glen, your best bet might be some sort of FHA financing though the clock is ticking. FHA financing historically has not been credit score-dependant but that is changing in the near future.

Short sales generally are a waste of time. Your best bet might be a bank-owned home.

If you need the name of a couple of lenders you can speak to, let me know.

Thanks!

Glen,

A short sale is when the lender/mortgage company agrees to allow the seller to sale the property for less than they owe on the note.

A quit claim is a type of deed granted from one party to the next.

If you would like some assistance in purchasing a home, our team is here to help.

Respectfully,

Daniel