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Replies (4)
- Ruth and Perry Mistry, "Ruth andPerry Mistry"
- Contributions:37
You should start working with Credit Improvement services.
The banks are likely to ask you for a higher down payment or other collateral tied to your 401K or IRA.
Another option to consider is Hard Money Lenders.
Best Regards
Perry
- wetdawgs
- Contributions:26798
It takes at least two years after a short sale to qualify, plus an income. I'd move and rent while you are learning about the community, repairing your credit and saving up a down payment.
- hpvanc
- Contributions:2570
Also the additional time will give you a chance to educate yourselves to hopefully minimize your chances of recreating the situation you found yourself in, in Las Vegas.
- FFG123
- Contributions:19
Its understandable the importance and value that comes with homeownership, renting for some is not an emotional option. You may want to look into a lease purchase option for 2-3 years. (This is where you lease a home with the intent to purchase at the end of the term). Be careful in doing so and be sure the current owner/seller is not in foreclosure, and that your monthly payments are going towards their mortgage if applicable. In the meantime you can feel like a homeowner and start re-building and or repairing your credit. First and foremost be sure to obtain a secured visa for your wife as this will help boost her scores, pay off and or settle what you can and the rest is a time game.
Best of Luck.
Bad credit situation
Is there any way for us to get a mortgage assuming we put 20%+ down. Any responses would be useful
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