Here's my situation in a nutshell, our credit is not good. We have lived in our current home for over 22

Asked by Kathy Hartman, Cedar Hill, TX Fri Jan 25, 2008

years, however due to refinancing we probably owe more than it's worth--the neighborhood has also gotten pretty bad, which also has made our property value go down. We would like to move to a nicer area, but I feel we are stuck. My husband wants to rent out our current home, but I don't feel that will help. Is it possible for us to get financing on a new home or should we wait.

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Miracle Benn…, Agent, Cedar Hill, TX
Sat Oct 2, 2010
My simple answer to this question is to talk to a VERY experienced lender who is local (not some random guy on the phone) knows our market and is super helpful.

Harlan Copper is just such a lender and let me tell you, he knows his stuff. He is honest, smart and responsive. He is also in Cedar Hill.

Here is is contact info...
Harlan Cooper
Affiliated Bank Mortgage
972-572-5600 Ofc
214-284-5568 Cell
972-283-5978 Fax
866-458-5600 Toll-free

I hope this helps!

Miracle Bennett
RE/MAX Preferred Associates, Cedar Hill 214-763-1857
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Bruce Lynn, Agent, Coppell, TX
Fri Jan 25, 2008
The first thing I would do is to get prequalified with a lender. You can do that with your current one, or your current bank. That will give you a good idea as to where you stand on a new purchase. You should also ask them if you need to sell your current home to get the new one, or if you can keep it to rent it.

As long as that goes well, then meet with a Realtor and let them give you the outlook for your home.

I would only keep it as a rental if you want to be a landlord, not to get out of you current situation. You both need to be committed to renting if that's what you want to do. You also need to look at the finances of the situation and see if it is a worthwhile endeavor. If values are falling why do you want to hold on to an asset that is worth less and less. If that is truely the situation you should consider selling. Your realtor perhaps can help you with this decision or provide information to help you reach a decision.

Good luck.
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T.E. & Naima…, Agent, Dallas, TX
Fri Jan 25, 2008
Well, first you are doing the right thing by asking and researching before you take any action. If you have poor credit, owe more than it's worth, buying something else will just get you in deeper and you are just delaying getting into a worse condition than you are in now.

Do not jump into selling, or looking for a renter or even owner financing the house since you owe still money on it, it's not yours yet.

My recommendation to you is to meet with a Realtor, they can prepare a market analysis on your house and give you advice on what items to repair or update to sell it.

Then you get in touch with a good mortgage company, they pull your credit (all 3 bureaus) work on your credit to improve it for a few months.

Hang in there for a while while you fix your credit, update your house and you never know, the market may change in your favor. Either way, you will have improved your credit and put your house in a move sellable condition and may be you can get top dollar for it.

I will be happy to speak to you further if you wish.
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Kathleen Hag…, Agent, Richardson, TX
Fri Jan 25, 2008
Just a suggestion here, maybe you could do rent it or do a owner finance. If people are willing to move in that area, maybe their credit isn't that great either and would be willing to owner finance as well. The good thing is interest rates are good right now for ya'll to buy if you can over come the credit obsticles.
Feel free to contact us for help. Click on our photo and our profile will come up with contact info.
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LS, Home Buyer, Dallas, TX
Fri Jan 25, 2008
I wouldn't get financing on a new home until the one you're in is sold. If you choose to rent it- that may work but I wouldn't depend on it long term. Good luck
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