It doesn't cost anything to sit down with a lender to review your situation. The low credit score is likely the biggest hurdle. A good lender will be able to counsel you as to what can be done to help raise your score. In some cases, it's just a matter of time elapsing to but a bad experience behind you. In other cases, they may advise paying off debt or other actions to improve your score. Best wishes.... more
The title company and title search is the best way to find out the title history of the property you are interested in. When the title company ask you if you want an owners policy I would recommend that you say yes. This insurance will cover you should any interest in the property was not discovered in the title search. It will be up to the title company and their attorneys to clear title.... more
I would look at some first time home buyer programs as some have higher debt to income ratios. The payments they will use for your credit cards is the 'required' amount that they ask for monthly (just in case you are paying more). In the end, it will be up to the underwriter, but the loan officer should be able to run you through desktop underwriting or an in house underwriter.
Start there with a good loan officer/broker that has a variety of programs available to them. The brokers usually have 'other' alternatives. At the very least, you'll know where you stand and what is your next step.
I'd be happy to help once you get pre-approved and we can go power shopping ; ))
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Deka - MN MultiHousing is a good source for apartment complexes and other information about market rate and subsidized units. You will find them on the Internet and also in the telephone book. They show a matrix that will tell you what is available and any amenities. Good luck! Liz, 612-986-4105.... more