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Bad credit due to divorce, newly married want to purchase a house.

Hello, a few years ago, i got divorced and credit was bad.  While single I have tried to repair the accounts that open.  Now im newly married, and my wife and I would like to stop renting, and look at owning a house buy end of 2013, early 2014.  My wife has good to great credit.  My credit is still bad.  We have yet to start saving for a down payment.  Thinking about a FHA, or VA loan since im a vet.  Also, can you buy a short sale or forclosed home with those types of loans?  Thanks for your help.
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September 27 2012 - Apopka
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Answers (7)

before assuming anything look get a copy of all three of your credit reports and talk to a good mortgage broker to help guide you. Most issues are workable. Best of luck!
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September 29 2012
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Thank You
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September 28 2012
Hi,

If you are a Vet you can get a loan from USAA, https://www.usaa.com/inet/ent_logon/Logon?adid=icgsch49277486, assuming you are a member. They have a special rebate program for Vets where you even get a rebate between $ 950.00 and $ 2,500.00 back ( depending on the purchase price) at the closing. I have worked with many USAA members in the past and it really is a great program, especially when your credit score is not that great.

Contact USAA and they will help you all the way along.
Good Luck,

Alexandra Gebur

Alexandra
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September 27 2012
Call and discuss with a repuatable lender...best of luck
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September 27 2012
Talk to at least two mortgage brokers, once they look at your credit profile, most of them will guide you as to what you need to do.  Take it from there!  The best of luck!
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September 27 2012
I agree with Amanda to consult a credit repair service, since you have the time or, if your wife qualifies you can purchase in her name. In my experience FHA & VA are very difficult to do a short sale.It may take months.
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September 27 2012
If you are concerned about your credit you can enroll in a credit repair service.  My husband's credit was also pretty bad and we enrolled him in a credit repair service - after 2 months he saw an increase of 100 points and a lot of stuff has already been removed from his credit. It is a 6 month program and we are on month 4, so far so good. 

If you are not wanting to purchase until the end of 2013 something like that would help you.

Another option would be since your wife's credit is great, see if she could get an approval without your income. 

Either way, good luck with your new home and congrats on making the good decision on investing in the real estate market.
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September 27 2012
 
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