Personally, I would steer clear of Fingerhut. They make it easy to get a card, but the interest and fees, not to mention their prices, will do more harm than good. In my opinion, they are no better than payday loans. I agree with Corry below ... get a secured credit card. If you haven't already spoken with a bank/lender, you should put that on your calender as well ... they will be very helpful in giving you ideas for clearing up, or establishing credit. Good luck!... more
Something I have learned working in the real estate industry is to ask a lender any questions you may have about your credit. There are many options for people in similar situations and the are continually changing. A lender will give you specifics on how to improve your credit within a 6 month period.
If you are looking in the Twin Falls area, ENG Lending has been a great resource. You can call Doug Turner any time. (208)901 8214.
If you have any further questions feel free to contact me at (208) 720 5167 or email me at Jennifer _A_Harding@ymail.com.
Hope this helps,
Keller Williams Sun Valley Southern Idaho... more
When you sell the property and wrap the loan it is different than rental income because you don't have a lease agreement. There really is a lot involved in this kind of transaction and I would highly recommend using an attorney to complete such a transaction. I personally did a transaction like this several years ago and it has been a financing headache for me ever since - fortunately it is only a short term deal - things to consider - not considered rental income, yet the full mortgage monthly payment counts against your debt to income ratio - also you are creating an event that allows the lender to call the loan due - getting insurance for the new owner can cause the lender to become aware of what has happened - although they can call the loan due - they may not as long as they get payment. I think the banks still have their hands full with lots of foreclosures and don't want to foreclose on loans that are getting paid - however - there is no guarantee. Also you will not likely be able to provide title insurance to the new buyer because most title companies will not provide it where the buyers/sellers do not want the underlying lien holders to not be notified of the transaction. You can get around this with having a title search completed and the buyers being satisfied with that. There is a lot of trust involved in both parties. We did this with some friend of ours. They pay $1,800/month on a loan that is only $1,000 each month. You may be able to set it up so that their entire payment is income to you and that you are paying the loan - but honestly that still does not help with the debt to income ratio much for a new loan. If you make enough money that you could qualify with both mortgages on your credit then you may be ok. But if not don't bank on it working in your favor. A lot of things to consider when setting it up.... more