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What type of home loans are available to people with poor but recovering credit?

Also, what types of home-buying options are available to people under these circumstances? Renting is out of the question as there are too many animal companions involved... should we be looking at foreclosure or short-sale properties?
  • June 09 2013 - Woodstock
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Answers (2)

You could call a mortgage broker and ask what lenders he has that may work with your situation.
Your helpful local Realtor probably has one they like.
You need a pre-approval letter before you start.
Maybe you could pay extra rent and security deposits for the extra companions and credit issues.
Perhaps a nearby farm has an extra home on it and they need a little extra help and they may like the animals....
You need to think outside the box......
  • June 11 2013
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Profile picture for Mike Flanigan
That would all depend on where your credit score is at right now.  If it's close to the 600 range, you have your FHA, VA and USDA loans that work with lower credit scores due to the government backing that they hold.  When it comes to Conventional, it would depend on the lender's criteria on how they would handle the loans.  There are Interest Only loans that I would advise using and then there is always the Owner Financing option on some properties if the current owner is willing to agree upon the terms.
  • June 09 2013
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