FHA may be a possibility but paying off old collections may do more damage than good. You really need to meet with a great local lender who assists with credit repair in order to make the best choices and to qualify sooner rather than later.
Your scores may not be the same when pulled by a mortgage lender too, so things could be better or worse. The lender will use the middle score of the lower scoring borrower. Getting your scores up is critical, but with your recent past there may be more to factor in, so don't try an figure this out on your own. As a formerly licensed lender the rules are not all straight forward or common sense. Get a pro on your side immediately, so you can accomplish your goals. Best of luck.... more
It should be just the home but in my area I have seen lots of agents charging the buyer things such as "short sale negotiation fees" so prior to placing an offer make sure any and all charges are disclosed to you in writing.... more
Plenty of home nice home buying opportunities exist in our community priced in and around $60,000. As a Realtor, I would want to know what amenities you require and what you are willing to compromise on. Are you particularly interested in a geographic location, school district, rural vs. urban etc.? Contact a Realtor to set an appointment to discuss your housing needs.... more
I take it you went to a Broker and he has submitted your loan into underwriting with his lender? Every State has a statue of limitations and most lenders can or will overlook something that old unless it could end up affecting the title of the property. There are several remedies, a good Loan Officer would tell you exactly what to do in the event there is a collection(s) showing on your credit report. Something that old shouldn't be a deal killer.... more
I understand you frustrations. It is hard when you find the home you want then there are problems with financing. I advise using a realtor that is experienced with FHA financing. Also, your agent should be able to help you negotiate with the seller to relocate the well, hook onto public water or even order a new survey which might result in the extra footage you need. There are always options. Are there other financing options? Be open with your agent, share your frustrations and work together for a solution. Unfortunately FHA has strict guidelines; fortunately they are for our protection. Good luck.... more
This sounds to me totally a wrong idea. What do you plan to do with the current house with the $1007 mortgage? If it needs lots and lots of work why not do that work rather than renting another house which still leaves all the work to be done and more work on the $40k house? I think you are going to have a hard time finding an investor for this, but good luck.... more