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I commute 50 miles a day three times a week to take my kids to and from school. My current home was purchased via an FHA loan in May 2012. My payoff is $154,000 and the value is $240,000. Monthly payment is $1,100 and estimated to earn $1,400 as a rental.
Previous home lost to foreclosure in 2010 but I had filed Ch. 7 in 2008 which included foreclosed home. No blemishes since bk, everything has been paid on time with 2 auto loans and a couple credits cards paid in full. My base salary is $75,000 per year. 4 years on job and I bonus $12,000 per year each year for the past 4 years. I pay child support of $500 each month. Monthly bills are my current mortgage $1,200 balance $154,000, Truck $225 Balance $6,900 and a Student Loan $500 Balance $10,000. I have a $8,000 federal tax return coming in February and plan to payoff my truck. My 401K is worth $11,000 and I have stock valued at $12,000.
The new property is a foreclosure for $275,000. Comps months show similar sales of $304,000. Home is in good condition needing paint and carpet cleaning.
Could I use equity in the foreclosure as down on new purchase? Do I need to refinance my current FHA loan and take cash out for down? Which lenders are best to work with? Or do I go to the bank that owns the foreclosure? Would a mortgage broker be better to work with?
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