I need a mortgage in TN and my credit sucks bad. High income and we’re selling our home.?
My husband and I have found our next home in TN, but when we went for the loan, we found out my husband’s credit has dropped drastically in the last few months (since November) to just under 500. The lender said he had to investigate because our credit is only showing one delinquency. Isn’t there any option? We have a home on the gulf coast we are putting on the market, the appraised value is low-end 70,000 over what we owe. My husband makes decent money, ($ 80,000) and the house we want is a foreclosure, we offered $ 72,000 and the last loan on it was $ 130,000. We really, really don’t want to lose this investment by missing the closing day. There has to be some other option. I’d take a 15% interest at this point, because I’ve gone to so many lenders, I think our score is even lower now. Any help would be appreciated.