FHA is you best option, It will depend on your employment and debt to income. Lenders will accept the credit score of 600 for FHA, however they will look at the reasons for the score being what it is and will want to see that your credit score is due to an isolated incident. if it's erratic they may not accept that score. FHA will take scores with minimum down as low as 580, and some are now 560. With 10% down they will go as low as 500, but not very often. It has to make sense.
If your daughter has good credit but no income it may work to your disadvantage because they will score off your credit but then include her debts against your income and it will qualify you for less of a loan.... more
Why not try short selling them first? It won't hurt your credit like a foreclosure would. I know walking away seems like the easiest thing to do, but if you could short sell them and save the ding on your credit, wouldn't that be better? Yo umay need your credit again in the near future.
You have nothing to lose by coming in and talk Short SaleTeam. We are the number one firm in Michigan that handles Short Sales.
My contact information is below, feel free to email me.
Well, first you have to define "safe" and define "here".... The difficulty is your question is very subjective. Every person has a different interpretation of what they believe is safe. Also, every community has areas and neighborhoods that are more and less susceptible to crime. No community is immune to crime either. Roseville is no different. The good news is that there are many resources online to look up the information for yourself so you can determine if an area is safe for you. I have included one below.... more
Points are what lenders and mortgage brokers charge in order to setup the loan. One point is 1% of the loan amount. Different lenders charge different points so make sure that you know exactly how much you are paying.... more
One option is to consider a short sale. However, you need to consider the ramifications of a short sale on your credit and also be careful about tax liabilities. Be sure to work with an agent that is knowledgeable with short sales and I also recommend that you seek the advice of an attorney.... more
Chapter 7 not as bad as 11. But the foreclosure is going to hurt your credit. Depending on how you fix your credit going forward will determine time frame. I know someone who filed chapter 11 and in 3 years his credit was starting to get much better. The rule of thumb is 7 years. I think if you establish credit with a high interest card and pay it on time and do not default on anything else, you have a good shot to establish in 3-5 years instead of 7.... more
Being a Realtor is a rewarding and also can be a frustrating career since we are 100% commission based. You need to be in a position to ride out the tough times...no matter how successful you are, there will be times when no income is coming in. Be prepared to get creative with building up a source of leads. Sounds like you are tenacious which will go a long way. Having young children will be challenging as the hours are long and working evenings and weekends is a must. You need to be available when your clients are off work.
Consider looking for a job as an asistant to a top producer and learn the business before venturing out on your own. Good luck!... more