It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
NMLS # 659743
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.... more
I would say that you should get an estimate of what the repairs will cost in writing from professionals in the area. The roof for example may not pass insurance inspections either. If this is the case you would be doing yourself a disservice by not including these repair costs in your negotiations. In addition, I can confirm that insurance companies will not like to insure a home with outdated wiring. It is never a bad idea to meet in the middle, but I now how difficult it can be when you like the house so much. Good luck. Sean Snyder; Farm Bureau Insurance; Gardner Ks.... more
If you used the typical Johnson County contract, it should have included a Short Sale Addendum. On that addendum it should specify a time whereby the contract may be cancelled if you don't have an answer from the seller's mortgage company. In that case, you'd get your earnest deposit back when the buyer and seller signed a cancellation form instructing the title company to release the money to you. I hope that form was used. You're in a tough situation with a mortgage that was sold to another company in midstream of your transaction because that could possibly cause lots of delays. You can always continue to look at houses. Your agent should be able to advise you what to do if the contract simply expires without hearing from the mortgage company. If there's any way I can help, don't hesitate to contact me unless you are already signed up with a buyer's agent. If that's the case, your agent can help. Joyce O'Connor, Reece & Nichols O'Connor & Associates, Gardner, Ks.... more