I bought a home in 2002(approx.). I got seperated from my husband and lost my home, I just could not handle it. Now, we are back together and we are thinking about how or if there is anyway possible that we woulde be able to start over with another home buying process. My credit is completely damaged, and I am trying to work on getting it settled and hopefully repaired. However, I wonder, would I be able to buy another home if possible at all? Any advice and suggestions appreciated.
2006-10-07 02:44:30 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
While you probably can find a lender who will do a mortgage for you, you will likely be facing high fees and interest rates. Your paymnents could easily be double what someone with good credit might pay.
Your best bet might be to rent for a couple of years while you build your credit record back up. Although mortgage interest rates and payments are tied to your credit rating, rental rates are not. This will give you time to focus on cleaning up your credit while keeping your expenses within reason.
Set aside the difference between your current rent and what a house payment would be and in a couple of years you should have enought for a down payment and a much better credit rating.
Good luck!
2006-10-07 03:13:15 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You and your husband need to sit down with an experienced Loan Officer and take a very thorough loan application and have your credit pulled. At this appointment you discuss everything... and if you can't get a loan now, at least formulate a gameplan and you will have this to work on and look forward to. good luck!
2006-10-07 19:22:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get a good, sharp real estate agent, and ask about buying a home "on contract".
2006-10-07 09:54:32 · answer #3 · answered by Nancy R 2 · 0⤊ 0⤋
If a real estate agent is desperate enough they should be able to point you to someone who can advise you.
2006-10-07 09:50:31 · answer #4 · answered by Clown Knows 7 · 0⤊ 0⤋
you don`t have a chance,you need to work on your credit rating first.
2006-10-07 11:26:20 · answer #5 · answered by julie 3 · 0⤊ 0⤋
sure. talk to smaller banks and explain your situation. they would be more willing to give you a loan than the bigger banks. best of luck.
2006-10-07 09:54:10 · answer #6 · answered by Rj 3 · 0⤊ 0⤋