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Asked by Dawn Desborough, Canton, PA Sun Jan 25, 2009

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Answers

6
Angela Leung, Agent, Byron, CA
Mon Jan 26, 2009
Hi Dawn,

1. if your bankrupcy has been discharged for 2 years, you may apply for FHA loan.
2. Find a relatives or friend who trust you to co-sign with you
3. Request seller for seller financing for you for one or two years. After you fix your credit, then refinance from a bank.
3. Find a credit repair company to fix your credit.

Good luck with your home purchasing.

Angela Leung
1 vote
David M. Chi…, Agent, Uniontown, OH
Sun Jan 25, 2009
I does not sound good for you to get financing but you really should call an established mortgage broker for your options. It would only take minutes to get an answer and they could counsel you on how to raise your rating in the near future. Meanwhile, are you working on extending the terms of your lease?
Web Reference:  http://www.liveinakron.com
1 vote
Brittany Sim…, , Columbus, OH
Sun Jan 25, 2009
By the way Dawn, you will need to be at least 3 years out of your BK for FHA financing. Conventional financing is 5 years. (these timelines could be longer if there is a foreclosure involved-then the sheriff sale date will be used).
0 votes
Brittany Sim…, , Columbus, OH
Sun Jan 25, 2009
Dawn:

I think you will find it very difficult to qualify right now if your credit score is indeed where you think it is. Is your landlord going to credit you the entire 10K toward downpayment? You are going to need at least 3.5% of the purchase price for a DP.

You really need to begin working with a lender now and begin paying down whatever issues you have had in the past. (collections, credit card debt, etc.) Make sure you pay all bills on time-late payments within the year prior to getting a mortgage will typically disqualify you.

Are there any inaccuracies on your report that can be cleared? (maybe accounts that show a balance where there is none, double reporting of accounts, balances incorrect, etc.) If so, you can dispute these items through the three credit bureaus-Experian, Equifax and TransUnion. This will boost your score. You can follow this link to view your three credit files for free and dispute inaccuracies while on line.

http://www.annualcreditreport.com

I have a mortgage broker that I work with regularly in Columbus that has an office in your area. He does a great job helping buyers get on the right track to a mortgage and is very reasonable in his closing costs. He can be reached at 614-570-1950 or by email at tcoplen@firstohiohome.com Tony Coplen, First Ohio Home Finance.

Best of luck,
0 votes
Coni Otto, Agent, Burtonsville, MD
Sun Jan 25, 2009
Hi Dawn,

Are you working with a lender? A lender can tell you what you need to do to get your credit score up. In the mean time ask the owner to extend the terms of your agreement to match what the lender says it will take to get you approved.

Call Steve Campagna at 856-741-1725 and see if he can help you. He's a great lender and I use him all the time. If he doesn't do loans in Canton you need to find a good lender who can help you with some credit repair. You still have time to get your credit scores up.

Coni Otto
Web Reference:  http://www.coniotto.com
0 votes
John Wirsing, Agent, Pepper Pike, OH
Sun Jan 25, 2009
HI dawn,
As first blush, it would apper that thsi sitaution appeaars pretty grim.
First thing wopuld be to contact a good mor5gage broker. They would be able to advise you of your situation. Also, a GOOD broker can counsel you & tell you what you need to do to get that score up to an acceptable 600-range. I(f you do not know a mortgage broker, I can refer several reputable lenders that will assist you in this effort.
Second, I would review the documents that you signed earlier. I would ask an attorney to review them for you to see if you have any options,
Third, I would ask the landlord for an extension on the deadline. I would want to shoot for a new deadline after reviewing your options with a mortgage broker who should be able to give you a deadline for the repair of your credit history . It may be in everyone's interest to work together make this deal work.
If I can assist, drop me an e-mail at jwirsing@kw.com or call at 440-487-2193.
0 votes
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