Jump to content

Need Advice


bohouse
 Share

Recommended Posts

Hello, I just need a bit of "stranger with credit issues" advice. ;)

My husband and I declared bk in Nov of 2003, it was charged off in March of 04. The reason for the bk is a long story. We are living in an apt. with our three children. We are running out of space and patience. :( We have great jobs and good salaries, but terrible credit (although, I have raised my score from 500's to 612 right now). We have been working on our credit for what seems like forever, but it just doesn't seem to help the score improve enough. On top of that our mortgage broker says that we need to wait at least two years from bk. Is it a mistake to rent a house for now to allow us more space and sanity...paying about 400 more a month than what we pay now or should we stick it out in apt. and try to finance a house eventually.

Link to comment
Share on other sites

Not that this is advice but I can completely commiserate. My husband and I are in a two bedroom apartment with three children. We sleep on the couch while the kiddies get the bedrooms. It's rough but the rewards of the cheap rent have just about paid off. I would say, first and foremost, find out exactly what the difference will be. See what the average heating costs will be; garbage, water, sewer, etc.... Find out what is included and what isn't. If the costs won't strap you, go for it.

Link to comment
Share on other sites

The first thing I would do is check the mortgage section of this website. You'll find some geat advice. I'm not even in the market for a house at the moment, but I read it everyday to educate myself about something that I will need to know someday.

I do know this- my roommate is a LO for a national lender. He puts people in homes days after BK is discharged. Rates will be higher but not as high as you may expect. If you have a 580 or above, you are eligible for a mortgage 1 day post BK, even at 100% financing. A 600 middle score is even better! Now that your BK is starting to age, you should talk to other brokers or lenders. I think the BK has to be aged 24 months for FHA loans...but don't take my word for it. Check the site and pick up the phone.

Also, I don't know who he is, but I have read on this site that Charles in the mortgage section would help you out. He'll post answers for you on the site, but if you contact him privately he will help you with the mortgage if you so choose.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.