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how hard will it be to get financing

I just went through a bad break up with my ex he went two month with out paying any of his obligations while we were together one was the mortgage. I am current how this was just in october november only had the house for little over a year but him not paying that took my credit score down in the low 500's how I have my home on the market so I can move back home to south texas I should have about 15,000  after closing on this house how hard is it going to be to get financing again for another home or should I just rent for a while and continue to build that score back up problem is the price of rent down there I can buy cheaper than that. my current mortage is 378 that is with escrow everything added in. 3 bd home large lot ect.... rent down there is 650 and up
  • February 10 2009 - Corpus Christi
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Answers (7)

Best Answer

Lil, all our hearts go out to you! ... You're hurting now. .. The Good Thing is even this Will Pass! ... When you get settled start watching housing prices in your area. .. You'll see the trend. ... IMHO you'll need to wait until 12 months from the last reported mortgage late payment. ... But, please don't jump into it when that period ends. ... Make a Goal ... A Real Commitment. .. I won't be serious about buying another home until I save 20% of the purchase price for a down payment. Your interest rate will be  much lower. .. You also won't pay for mortgage insurance! ...

Doing this, you'll be much better off in the long haul! .. How can you do this? .... Buy what you and your family Definately Need. ... Do Not Let Yourself Act Upon YOUR FAMILIES WANTS! ... Just your basic needs.. You'll be very proud of what you accomplished. .. Bet on it! .... Best wishes, Rudi
  • February 10 2009
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Lil,

Don't put to much weight on that credit report.  I suggest you contact a mortgage broker in Corpus, pay them to pull your credit report and use that one.  Mortgage credit reports are different than what you pull yourself.  Good luck.
  • February 10 2009
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Profile picture for lilredneck74
went through my house papers and checked mycreditkeeper and it says that I was only 30 days late but I figure it still about the same.
  • February 10 2009
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And while you're renting, make sure to make your rent payments on time.  Some lenders may want a rental payment history.  You don't want any rent lates to affect a new mortgage.
  • February 10 2009
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60 day mortgage late within last 12 months is automatic decline.

Rent until you get settled in your new location, try to re-build credit and maybe in 2010 you could qualify again.  Also, make sure to keep paying the mortgage until you find a buyer.  If you continue to remain behind it will take even longer to become eligible again.
  • February 10 2009
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Your best bet will be to rent for one year.  Then apply for an FHA or Rural housing loan.  With FHA you will need 3.75% for downpayment; however, it can come in the form of a gift from a relative.  With Rural Housing there is no downpayment, but the house must be in an approved area (typically a community with less than 25,000 residents.
I would also suggest going to annualcreditreport.com and reviewing the report for accuracies.
  • February 10 2009
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low 500's...rent!
  • February 10 2009
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