You indicate that your credit is bad, that is understandable considering the past couple of years. It is a very common problem, that fortunately is not without options. Guy brings about a very good point, using your cash for a home does not allow for you to use that money elsewhere. Wells Fargo recently lowered their standards on obtaining financing. If your credit score is above a 500, they will do FHA financing with 10% down. If it is between 575-600, they will do FHA financing with 5% down. If your score is 600 and above, they will do FHA financing with the standard 3.5% down. Please call or email me for my Wells Fargo contacts.
Cash purchases are the smoothest and easiest real estate transactions. Banks are currently going through EVERY file with a fine toothed comb. With cash, you will avoid many of the transaction fee's that are associated with obtaining financing. You will also get all of the tax advantages of owning a home, except for the mortgage exemption, which is the least of the excemptions. The initial savings of doing a cash transaction, far exceed the mortgage exemption tax savings.
It is a great time to buy and I look forward to helping you if given the opportunity. Please feel free to contact me anytime to discuss these and many other options available to you.
Courtney Bontempo | Broker / Associate
Perfect Location Realty
124 W. Wayne St, Suite 202 | Fort Wayne, IN 46802
C 260.341.5442 | F 260.440.3339 | O 260.422.4000