2006-09-01 09:12:19 · 6 answers · asked by Mr. Carolina Pine 1 in Business & Finance ➔ Renting & Real Estate
Usually you can get refinanced in about 3 years but you should be able to give a good explanation for why the other house was foreclosed on. Tell them the circumstances such as divorce, illness, job loss etc. Also some places are more forgiving then others so if you get turned down by the first place keep trying.
There are also things like rental/purchase that will apply a part of your rent to the purchase price and these may help. especially if they need to unload the property quickly. Also some properties are owner financed as well. You don't say if you are rebuilding your credit now and keeping all of your accounts current but this will be very crucial to your getting financing on a new place. Talk to a mortgage broker and ask them what the guidelines are and how long you need to wait. Or check at your local bank or credit union where you have accounts. Be open and honest about your past problems and they will go out of their way to help you. Good Luck
2006-09-01 09:19:08 · answer #1 · answered by brendagho 4 · 1⤊ 0⤋
Yes it is harder but you can do it.
You will need to fix your credit or pay a higher than normal interest rate.
2006-09-01 16:14:05 · answer #2 · answered by Biker 6 · 0⤊ 0⤋
year just put iit in a relatives name
2006-09-01 16:13:27 · answer #3 · answered by skettopolis 4 · 0⤊ 0⤋
Biker is right, your interest rate will kill ya
2006-09-01 16:15:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes.
I will cost you more
2006-09-01 16:13:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
all cash
2006-09-01 16:14:00 · answer #6 · answered by taterboy 2 · 0⤊ 0⤋