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What are our options? Please Advise

I moved to the Fort Washington MD area a year after a divorce and foreclosure. I am staying with family and saving to put a down payment on a home (foreclosure). I met a wonderful woman that has great credit, a condo that she's renting out, and her own home (that she's not content with). We are soon to be engaged and want to eventually bring it together under one roof but don't know how to go about doing it. Someone suggested to keep the condo and do a buy and dump on the house but we are not trying to do anything illegal and quickly dismissed it. I would like to know what are our options? We could put her home on the market but don't think that it will yield much if it sells at all. I believe I would qualify for a FHA loan after my second year from my foreclosure. My credit is not good 650 and someone suggested using her as a cosigner. I'm so confused. I am just trying to figure out our options before hand. Please advise.
  • January 28 2013 - US
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Answers (3)

Profile picture for Ofe Polack
Your options will begin as you contact at least two mortgage brokers and discuss your situation.  Once they pull your credit and create your financial profile they will be in a position to advise you, as to how to proceed.  Good luck as you start this new phase in your life!
  • January 29 2013
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It is crucial that you shop around for a mortgage broker that can explore all your financial options and advice you.  Mortgae broker have access to many banks, private lenders and different programs.  Choose one that can answer all your questions in the first meeting.
Best of Luck,

Maria Cipollone
  • January 29 2013
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If you had a foreclosre a year ago you will not qualify for another mortgage for another 2 years, not even as a co-signer. If I read your post wrong, please advise. To answer your question about repricussion "dumping" the property,..I highly advise consulting an Attorney because there are some circumstance where the lender can come after her. Especially if she has equity in another property and assets.  
  • January 29 2013
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