First time home buyers, questionable credit, moving from CA

cindybarnes2001 · Joined: 29 Apr 2008 Posts: 1 1.32 Dollars($)

My husband and I make about $100,000/year, he's been with his company for over 8 years, we've been renting the same house for over 8 years ($2,000/mo), and we both score between 580-650 with a BK 4 years ago. I've been accepted to vet school in CO, and now we must move our family there and start a new life. Rent or buy? And is it even possible to buy with our situation?

adonis · Posted: Tue Apr 29, 2008 10:12 pm Post subject:

Welcome Cindybarnes,

Were you discharged from bk 4 years ago or did you file it then? and what type of bk was it? if it's 4 years after dicharge, then you can qualify for FHA loans. And, if you don't have late payments for the past 12 months on any of your loans, I suppose you'll be able to qualify for it.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Cindybarnes,

Welcome to the forum.

Now it depends on what kind of have you filed as Adonis also pointed out above. You can surely get a mortgage but I think you may have to pay a large down payment and the interest rate may be a bit higher.

I think you should shop a bit for lenders. You can even get No-obligation free consultation from the rated lenders of the community to know whether you can get mortgage or not or which kind of mortgage is best suited for you.

Best of luck,
Larry

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