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Credit decline due to taking in foster children

In 2008 my family began fostering three special needs children through state care.  We GREATLY underestimated the initial financial need of the children and ruined our  10+ year great credit rating.  We are finally crawling out of our debt hole and really need to move now that we have decided to adopt the kids.  Is there a mortgage lender who will take our entire credit history into consideration given the circumstances?  We have $50,000 equity in our current home and are looking to purchase a foreclosed home for 70,000 and sell our existing home.  Any advice is greatly appreciated.
  • April 07 2010 - Greenville
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Answers (1)

Unfortunately, when it comes to guidelines, credit scores are credit scores.  You may be able to find a lender that does portfolio financing (they have their own lending guidelines) but it will be difficult.  Most lenders sell to Fannie and Freddie.

What is your credit score?
  • April 08 2010
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