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Answers (3)
- Elizabeth aHouseSOLD
- Contributions:60
Good question. You need to talk to a reputable mortgage broker who can shop the loan for you with a variety of lenders and can give you good advice. But beware... there are some great mortgage brokers who will counsel you and help you and some mortgage brokers that will just rip you off.
If there is any way to put it under your name with your dad as a co-signer, then you can get a better interest rate. If your Dad buys it as a non-owner occupied property, then rates and down payment requirements will be higher. However, you may have to go that route since your FHA foreclosure was just last year.
If there is any way to put it under your name with your dad as a co-signer, then you can get a better interest rate. If your Dad buys it as a non-owner occupied property, then rates and down payment requirements will be higher. However, you may have to go that route since your FHA foreclosure was just last year.
- Christopher Jones, "chrisjonesmtg"
- Contributions:87
It will be difficult for you to get a loan through conventional financing and FHA is out for a few years. There are a lot of folks in similiar situations so please don't take my advice personally.
My advice is to rent for a few years so that you can show a lender that you are comfortable with your housing payment. Your father could purchase a home and rent the property back to you. He would need to purchase as an investment property. If you go that route, I recommend you write checks to your father (no cash, money orders, etc) so that you can demonstrate your ability to pay in the future.
My advice is limited to the products I offer. We don't do "hard money" loans, etc.
I wish you luck and hope this helps.
Chris
My advice is to rent for a few years so that you can show a lender that you are comfortable with your housing payment. Your father could purchase a home and rent the property back to you. He would need to purchase as an investment property. If you go that route, I recommend you write checks to your father (no cash, money orders, etc) so that you can demonstrate your ability to pay in the future.
My advice is limited to the products I offer. We don't do "hard money" loans, etc.
I wish you luck and hope this helps.
Chris
- wetdawgs
- Contributions:26791
No, you can't be a co-borrower for several years. You are disqualified because you have a recent foreclosure.
Should your father wish to buy an investment property so he can rent to you, then he needs at least 20% down. He can't buy it as his residence unless he is living there.
Where to begin? Take a few years to save up a good downpayment and get beyond the impact of the foreclosure.
Should your father wish to buy an investment property so he can rent to you, then he needs at least 20% down. He can't buy it as his residence unless he is living there.
Where to begin? Take a few years to save up a good downpayment and get beyond the impact of the foreclosure.
Can I get a loan a year after foreclosure if I have a co-signor/borrower?
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