Home Buying in Medford>Question Details

Slycat72, Renter in Kennewick, WA

I am planning on moving my family from Washington to the Oregon Coast or close to within next 3 yrs. Big cash down payment, but bad credit...???

Asked by Slycat72, Kennewick, WA Sun Jul 15, 2012

I will be receiving a lump some of money in about 3 yrs., but I do currently have pretty bad credit right now.... If I take care of most expenses with cash, would we be eligible for a Really Nice Home anyway... I'm hoping to put down 30% to 50% down by then... Any advice??? We are looking at maybe Newport, Lincoln City, Coos Bay for coastal areas... Corvallis, Albany, Medford, Grants Pass, etc. for more inland Homes.... We would just really like to know what we might be up against when making this purchase....

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0 votes Thank Flag Link Fri Oct 12, 2012
I would recommend you consult with a mortgage professional now. There are more things to consider than just the down payment credit, such as the amount of income, how it is structured, and how it will continue when you move. There are things you can do to improve your credit depending on what your challenges are and the sooner you start the better off you will be when you are ready to move.

Best of luck!
0 votes Thank Flag Link Mon Jul 16, 2012
Hi, it shouldn't be too hard to clean up your credit, but you do have to start somewhere. You just need to be working with a competent mortgage broker who cares about helping you position yourself to get loan approval when you're ready. I recommend Bill Morris of Pinnacle Mortgage. He's very available and will work hard to help you realize your goal. Call or text him at (503) 409-5421 ... tell him Priscilla sent you his way. Best regards.
0 votes Thank Flag Link Sun Jul 15, 2012
First of all - start working on your credit right now- who knows...within 3 yrs it may be good enough you wont need to put that much down. Next, if you cant do a regular loan, you may find a seller that will carry the loan or get a "hard" money loan. There are possibilties...but again I say start working on improving your credit now!
0 votes Thank Flag Link Sun Jul 15, 2012
Thank You For Responding So Fast.... I am currently on disability due to an accident, and unable to work at the time... I'm barely scraping by right now to cover my immediate bills, let alone the ones in collections... I should be getting a settlement within 3 to 3 1/2 yrs. though.... We would really love to get out of the desert here in Eastern Washington. What exactly is a "Hard" money Loan???
Flag Sun Jul 15, 2012
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