Asked by JKM1972, Santa Rosa, CA • Fri Dec 6, 2013
We are talking about purchasing a house in 2014. We had a short sale Sept 2011, its been over 2 years. We would probably qualify for FHA with extenuating circumstances. Our 1 year old son was diagnosed with cancer May 2011 and my wife basically stopped working and I could barely manage part-time hours, our income was reduced by approx 50% for last 2 years. Our son is cancer free for over 18 months, yeah! We are getting back to working more and our income is back up to pre-cancer. Our dilemma is FHA versus conventional 10% fannie mae with extenuating circumstances, which would be better. Our credit is already 760, we are getting our savings built up, but will barrow from our 401K if needed.
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