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Is financing even possible for me? Allow me to explain my situation as briefly as possible.....

The homes I am interested in buying are about $1.2 Million in the SF Bay area, I have $300,000 in cash for a 25% down payment but my credit score is 580 and with some collection accounts outstanding for the past 6 years. Actually I have lived outside the US for incidentally 6 years also, as I understand it in June of 2014 all the negative collection accounts will be gone as the 7 year period from when I last defaulted on credit cards will be then. 

I am self employed and run a business outside the US with very strong income, averaging about $800,000 a year, so the payment of about $5,000 a month is not an issue. But how can I explain all this to a US Financing Company? I have not done my US taxes in over 10 years and really have no transaction at all for 6 years now with any US Bank, etc., nothing. 

What can I do? I am hoping my credit score will increase magically exactly after the 7 year period is up next year and all negative issues on my US credit report are gone. 

Help.....
  • June 30 2013 - San Francisco
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Answers (2)

Your best bet is to go Portfolio or Private Money.
  • July 07 2013
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You will need to get your credit scores up.  The removal of the collections may or may not accomplish this.  I would recommend that you contact a lender and have them review your credit report in order to see what will happen to the scores if the collections were removed.

Feel free to reach out to me via my Zillow profile if you would like additional information.
  • July 05 2013
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