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About kimo77

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  1. My situation is a little unique. There is a possibility of a commercial buyout of our subdivision. If it were to go through, we stand to make a good bit more than our house is worth. We should be able to payoff our mortgage plus some outstanding debt and still have a good chunk of cash left over to use as a downpayment on our next house. Currently, our credit is very poor and I'm sure we would find it difficult to get a new mortgage to purchase a new home if we were putting 5%, 10% or even 20% down. My question is what is the impact of putting 50% or more down? Does it negate the credit sins of my past? I'm just curious to know what I might be up against should the deal with the commercial developer move forward. Any input would be greatly appreciated. Kimo