I have approximately 610 score, employed 20+years, make 68,000 a year. I had a forclosure due to the market and a divorce. What can I qualify for?
I have a second mortgage that wasnt taken when house forclosed, so it is on my credit report. I have a collection on report and a auto loan that was from repossession during same time as forclosure. I had an excellent credit history before this mess with my divorce, ex is in jail so I got stuck with all the debts. I have no monthly payments other than my rent currently. My credit issues aren't from lack of responsibility but due to these circumstances.
(0) | asked by: christine gittemeier | share | 25 months ago | Report
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I am from the mortgage side. We have some niche programs where we could help you out. Contact me to work on getting approved. Direct Lender Mortgage banker we lend down to a 520 score. One day out of Foreclosure
A good lender should be able to walk you through the process of raising your credit score. Ask trusted professionals to recommend mortgage lenders in your area.
HI Christine, there is a new program out there that is wonderful for this kind of situation. It allows you to find a home you want, the investor purchases it and rents it out to you required 1 year min lease. You then have the option to purchase once your ready for up to 5 years. You also have no obligation to purchase should you change your mind in the future. Contact me for further details if still needed in 2016.
You may qualify for a loan depending on the year your foreclosure took place, the area where you want to live and the lender you choose. Some lenders have special programs for certain cities that will allow for a purchase with a 610 credit score. Contact an experienced local realtor, they may be able to find a lender with a program that fits your needs,
Contact a lender in your area to help you get financed, and then contact a realtor to help you find a home
Hello Christine, always darkest before the dawn. In my state of TN. you are required to wait 2 years before you can purchase another home, some Lenders prefer 3 years, but if you have your ducks in a row, and shop around for a lender, you can move quicker. Especially if you can find a Lender who will go into manual underwriting which helps explain the reasons of foreclosure. Work on that credit score by getting a prepaid credit card of say... $500.00. The idea is to make a modest purchase, say a tank of gas! I always recommend buying something that you would ordinarily purchase during the course of the month's expenses. When the statement comes in, pay down to $15.00. Next month, the same process, a tank of gas, pay down to $15.00. That way you can and will pull that score up high enough to make a purchase when the time frame is right. Be cautious to not allow yourself to use that card for anything else. This is probably the most challenging part for folks who are building that credit score. Also, Check out Credit Karma. That is a great site to get good tips and advise. Honestly, considering all factors, looks like you are doing well. The toughest part is waiting out that 2 years. There is always the possibility of finding a home to lease to purchase if you can come up with a down payment. Life is a bold adventure, stay focused and you shall soon 'right your ship and know smooth sailing' again soon! Hang tight!
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