Posted on: 23rd Jan, 2011 05:34 am
I went through bankruptsy & foreclosure over 3 years ago. I would like to buy my mothers Florida home for $80K (that is what she owes on the home), I can put 20% down on the home and my yearly income is over $65,000, my credit score to date w/the BR is 670. Should I try going through my mothers current lender, she said something about it transfering to my name? I'm not sure how that would work any ideas on that one? Or should I try going through a different lender and how would my BR & FC interfere with getting a $64K mortgage from a lender? Thank you in advance for any assistance in this matter.
Hi mel,
With a credit score of 670, it will be difficult for you to qualify for a conventional home loan. You will be able to get a FHA loan. You should contact the local FHA lenders and apply for a mortgage with them. The lenders will check your financial situation and let you know whether or not you can qualify for one.
Thanks
With a credit score of 670, it will be difficult for you to qualify for a conventional home loan. You will be able to get a FHA loan. You should contact the local FHA lenders and apply for a mortgage with them. The lenders will check your financial situation and let you know whether or not you can qualify for one.
Thanks