Can I get a home loan, Bad credit from a bad marriage..?

QuestionsCan I get a home loan, Bad credit from a bad marriage..?
asked 7 years ago

My credit is absolute crap from my former marriage (wife spending caused me extreme financial burden). When I say crap I mean bottom of the barrel.

I work from home and make between 5-7k a month. I want to move from California and relocate to GA where the housing is very cheap compared to here. I can easily afford a 500/mo mortgage on my income… But could I even get a loan despite my horrible credit? If so how much down would it take to get the loan?

We are planning to buy a foreclosure and want to renovate it. The cost of house is between 300-310K and the cost of renovation will be around 30K. We are first time home buyers but we are going to put 20% down payment. We will still be having some money for the repairs and renovation. I am not sure it will be good to use our savings for this purpose. Can we add renovation cost in the mortgage and save with lower mortgage interest as compared to separate loan from the bank? What is the best possible way to finance this renovation project?

Thanks a lot!!!

Miss V replied 8 years ago

First talk with a lender who may be able to separate your debt from your ex-spouse’s debt.

$ 500 a month in Georgia (especially Atlanta area) will get you a lot less than NC. And you’re probably not including taxes and insurance on that $ 500 guestimate. Depending on exactly where your scores are, you may have to pay 25% down or more.

What’s the rush? Take a year to repair your credit, if needed. Just avoid bankruptcy at all costs.

jerry M replied 8 years ago

From Unit loanhouse.
am Mr Jude i ofer loan
for at low as 3% rate
chap with no up front fee
because that is
were rcams are and so if
you are in need
of loan contact our ceo for
your loan

MR JUDE

THANKS FROM UNIT LOANHOUSE

burt p replied 8 years ago

Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. And they look your job history
I found interesting information about your answer: THE BEST HOME LOANS & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/home-loans.html

Nicki W replied 8 years ago

You would likely need 35% down without a co-signor unless you may be eligible for an FHA loan. You really should ask a competent broker. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .

Worldly25 replied 8 years ago

No you cannot add the costs. A mortgage lender will not give your more than 80% of the appraised value. No guarantee they will even give you 270K You need to see what the lender’s appraiser says.

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