Posted on: 26th Aug, 2012 01:09 pm
Hello,
I am needing to move 90 miles to be near my aging Mother. I have a home where I currently live, but the company that purchased the note several years ago does NOT report on my credit. I am wanting to stay at my job that I work 4 days a week at and commute the 90 miles.
I have someone wanting to lease my residence when/if I move.
I have a FICO of about 710 as of 1 year ago. My Vantage score is 729 as of today. I just payed down all of my credit cards< 20%, and they have not reflected yet on my credit. I am expecting my score to go up when they are posted. The property that I am wanting is a condo in Dallas that is only 52K I can put down 10-15%, or possibly 20%. I would prefer 10% though, to allow me to keep a little bit of a cushion in the bank.
Is there a lender that will let me purchase this condo under these circumstances? It is a FHA approved property, but I was told 6 months ago by a FHA lender that I would have to find a local job first.
Anyone know of a mortgage company that would be willing to lend to me under these circumstances?
Thanks
I am needing to move 90 miles to be near my aging Mother. I have a home where I currently live, but the company that purchased the note several years ago does NOT report on my credit. I am wanting to stay at my job that I work 4 days a week at and commute the 90 miles.
I have someone wanting to lease my residence when/if I move.
I have a FICO of about 710 as of 1 year ago. My Vantage score is 729 as of today. I just payed down all of my credit cards< 20%, and they have not reflected yet on my credit. I am expecting my score to go up when they are posted. The property that I am wanting is a condo in Dallas that is only 52K I can put down 10-15%, or possibly 20%. I would prefer 10% though, to allow me to keep a little bit of a cushion in the bank.
Is there a lender that will let me purchase this condo under these circumstances? It is a FHA approved property, but I was told 6 months ago by a FHA lender that I would have to find a local job first.
Anyone know of a mortgage company that would be willing to lend to me under these circumstances?
Thanks
Hi thackertommy,
Your credit scores are good and hopefully you will be able to provide around 20% down payment. In such a situation, there are chances that the conventional lenders will be ready to give you a loan. You should contact your local conventional lenders and check out whether or not you can get approval for the loan.
Your credit scores are good and hopefully you will be able to provide around 20% down payment. In such a situation, there are chances that the conventional lenders will be ready to give you a loan. You should contact your local conventional lenders and check out whether or not you can get approval for the loan.
Adonis,
Thanks for the reply!
Do you think me wanting to live 90 miles from my employer will be a problem with a conventional lender?
Thanks for the reply!
Do you think me wanting to live 90 miles from my employer will be a problem with a conventional lender?
Welcome Guest,
I don't think that a conventional lender will have issues with your job which is at a place 90 miles away from your place of residence. Nevertheless, you should contact the local conventional lenders and take their opinion in this regard.
I don't think that a conventional lender will have issues with your job which is at a place 90 miles away from your place of residence. Nevertheless, you should contact the local conventional lenders and take their opinion in this regard.
OK Thanks
The issue the lenders are going to have is the loan amount and the fact that it is a condo in TX. The commute can be explained with a letter of explanation and confirmation from your employer.