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what r our options? hubby credit below 620 ,mine over 620. My income not enough to to buy the house

Profile picture for magorsarr
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Our offer on a short sale is approved by the bank but our financing did not go through at the last minute.The bank set the closing date for the end of October. What are our options at this point? Can we extend the closing date to mid- January so we can have time to get another financing. If so, how do we go about doing that? Thanks for time.

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October 04 - Trinity / Houston Gardens
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Profile picture for MariaMorton
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Since August 2009

I don't think you need to go through a credit repair company. Ask your agent to recommend another lender who can help you with improving your credit score. There may also be local programs that would process a loan for you now - that will depend on your locale, your income, possibly your profession and the property you are trying to purchase.
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October 04
Profile picture for Dallas Fort Worth
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Since August 2009

What is going to change between now and January that will qualify you for a loan?

Your husband needs to go through a credit repair company to clean up some things and then rescore to raise the score.  At that time, his income should be taken into consideration.

It might be a blessing that you didn't close.  It sounds like you are not ready to purchase.  What was the reason that your loan didn't go through?

Naima
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October 04
 

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