Unfortunately, you're going to need to get your credit scores up before you can qualify for any loan, even if you're putting 20% down. Why not use some of that cash to pay down, or pay off some of your debts?!?
Then go sit down with a local lender or mortgage broker. It's not just about credit score. They also will look at your debt-to-income ratio, employment history, tax returns, etc.... more
Hi, If the home is really in that bad of shape I don't understand why you're even thinking about buying it. I would bet there are many other homes for sale in your area that are in better shape. With so many homes to choose from why bottom fish. I hope I've been of some help and Good Luck.
Joseph S Cusimano
Century 21 Aadvantage Gold
Las vegas NV 89123... more
It depends on what's important to you. Both Winchester and Mt. Sterling are nice small towns with low crime rates and a nice atmosphere, so you've narrowed your choices well. One big advantage Winchester has over Mt. Sterling, however, is its proximity to major shopping and entertainment outlets in Lexington. One of the largest shopping areas in Lexington is situated just off I-64 on the Northeast side of Lexington, so it's literally 15 mins. from Winchester. In Mt. Sterling, you'd have to travel about 40 minutes to get to any major shopping/entertainment venues.
Also, you may find it easier to locate a home in Winchester because most homes for sale in that area are listed in the Lexington Area MLS, whereas many homes for sale in Mt. Sterling aren't listed in any central database (many agents in Mt. Sterling aren't members of the area MLS) so it's harder for you to get a true idea of everything that's on the market in Mt. Sterling, especially from far away.
Obviously, you can tell that as an agent, I favor Winchester, but having said that, both communities are nice smaller towns to live in and I don't think you could go wrong with either one.
If you'd like to search the MLS for homes for sale in Winchester, KY, just visit my website below.... more