You say you have 70% equity, does this mean that your loan on the home adds up to 30% of the value or are you saying your loan balance is 70% of the value of the home? If your balance is 70% I don't believe that would be enough equity to be able to refinance with such a recent foreclosure on your credit. Your best bet may be to talk to a local bank who may be able to work with you as they are sometimes able to do some loans they keep in house and therefore can bend the typical rules a little.... more
No you really need to be around 640 right now to qualify for FHA financing. Even VA needs to be around 620, and conventional would be the wrong route.
What you can do is find a loan officer that does something called a "Rapid Re-score". This is a software program that analyzes your credit profile and then tells you exactly what to do over the next 30days to bump the credit score up. It also gives you an idea by how many points.
Most loan officers will just give you their professional opinion on what to do, but then you have to wait 90 days before the credit report gets pulled. This system will be faster and more efficient for you, and just part of the lenders service.
If you would like a reccomendation check out Charles Daily over at iloan. He has a profile on Trulia and just tell him Chris sent you. If you are looking to buy in the next 12 months you will want to get started with the financing now.
The short answer is yes, you can. Some counties may have down payment assistance available as well. You will need adequate income to make mortgage payments, and a decent credit score. I can put you in touch with our lender to talk to.... more
Price per square foot is not a reliable means of determining value when there are so many other variables. As you look at more cabins, in different conditions and locations you'll begin to get a sense of where the value is. Some seller's aren't motivated to sell and over price, another may need cash now and may under-price, keeping an eye on the specific market and having an experienced local agent assisting you will be key to getting a great place at a reasonable price.... more