will i ever be able to get a home loan????
we were working with a broker for a year, cleaned up credit, my husband has a bankruptcy discharge 18 months ago. he now has a 660 lets say score.. i ended up paying over 1,000 in credit repair and he was unable to get us a loan…now i don’t want to use a broker because i fear i will lose even more money and i can’t trust them! but if i go to the normal banks we aren’t getting approved for anything ( with no money down) we have 2 car loans and on top of our income we also have some cash monthly (1200) so no docs/no money down/ 660 score/high debt ratio???? but when i called weichert to see what i should do…. what score i need to do this and if i need money down whats them minimum down, nobody wants to deal with us! they just want to see if you have money and excellent credit then they are more than willing to help. i feel as though i will never get a home at this rate! we have 3 children, its a little hard to save 20 percent down! it will never happen. in nj nothing under 300grand!
you are right about the broker, they are there to make $ too, so if you’re at zip, they have little to go on.
one way to sidestep the 20% dn is 80-10-10-the lender, you at 10 and the seller at 10 for a few yrs til you get on your feet.
another is to have the seller get the loan you both agree upon and the seller quitclaims to you secretly, so not to raise any flags for a short time, then when you get on your feet and the real estate appreciates to a level of convenience for the 80% loan…you formally take over the loan with the lender and release the seller from his formal position with the lender.