Home Buying in El Paso>Question Details

Nancy Durffee, Home Buyer in El PasoTX  79932

Hi, We would like to purchase a home (not 1st time) in the area of Santa Teresa or La Cruces, NM. The

Asked by Nancy Durffee, El PasoTX 79932 Tue Feb 24, 2009

positive side is that we can give 20 or 30% down with no problem and we have no debts. We pass all of the ratio requirements too including income. The negative side is that seven months ago in Arizona we sold our home in a Short Sale, we owed more on it than it was worth, but did sale it for what the Bank asked. During that hard time we were late on other debts so our Cr. Rep. isn't good. My husband's score is now in the low 600, mine I believe to be lower? Is there anyone that we could get a mortgage through? How do you find Owner Financing? Is that our only option?
How could we find a Owner Finance or such? Thank you,
Nancy D.

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Right now the banks and mortgage companies are looking at 640 min. credit score on a conventional loan. FHA is a little less. I would think you should be able to get financing. There are some owner financing available out there. You need to talk to a Realtor to find what you are looking for. The problem you face with owner finanacing is the selection may not fit your criteria.
Web Reference: http://ElPasoRita.com
0 votes Thank Flag Link Thu Mar 19, 2009
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