Short sale in Jan 2010 w/missed payments. If we get a cosigner to buy a new house, will that help lower our down payment we need?

Asked by Karina, Amherst, NH Sat Apr 30, 2011

Lendors say we need 20% down in order to get PMI insurance. We have 8%. Our credit scores are 650-680. We can afford lease-purchase, but seller does not want it.

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Scott Godzyk, Agent, Manchester, NH
Mon May 2, 2011
Karina it depends on how teh short sale was recorded on your credit report, only a lender can judge how bad teh report is, if you can even get a mortgage within 2 years of a short sale you are pretty lucky a smost people can not. The best advice is to meet with a couple of different lenders. You need to ask them direct if a cosigner will help lower the down payment, if not and they all say 20% is your only way than you need to find a house that will do a lease purchase if the one you have choosen will not. Good luck in working things out
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David Cooper, Agent, Los Angeles, CA
Sat Apr 30, 2011
Can't you find an FHA loan in Amherst, NH. Only 3.5% down. Another option in Home Path Foreclosure Houses with 10% down. Cosigner only helps if you are credit challanged.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. call or email for FREE daily list +1-7024997037 not a real estate agent
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