I was hoping you would give me an honest answer about my situation and some solid advice.
I am a retired US Army veteran with a pension of about $25K annually and I am single. I saw a Fannie Mae owned foreclosure in my area listed at $139K (hopefully they will take less) and it was listed as a HomePath.
Normally I am employed as a recruiter (headhunter) self employed, but for the past two years, I have been helping my daugher and son-in-law out by living with them and taking care of my two year old grand-daughter to help them save money.
1. I would like to buy a home before November 30, 2009 to qualify for the $8,000 stimulus for first time buyers. I sold my home in 2004 and its been more than three years as required by the stimulus. This is like automatically getting the house for $8,000 less, because come income tax time in January 2010 I would get a check back for $8,000.
2. I currently have about $12,000 for a down payment. I have zero debt, own a motorcycle, car and household furnishings in storage.
3. I have two credit cards with a combined credit limit of $4,000 and they have a zero balance on both and no late payments.
4. My major issue is that I had a bankruptcy from Jan. 2008, filed mainly due to an income problem with the IRS after a failed partnership. I know that I can requalify for my VA mortgage in Jan.2010 as two years will have gone by. In some cases the VA will approve after 12 months with good credit since bankruptcy, however most lenders won't approve until 24 months, regardless of what the VA will do. To me that doesn't make much sense if the VA is guaranteeing the loan anyway. The lender is assured their loan is guaranteed either way.
5. I don't know what my credit score is, did not want to pay to find out, but I have used my credit cards and paid them in full each month, never late, pay my cell phone on the first of every month, pay vonage every month, pay my storage every month, never late on anything. I save money faithfully in my credit union. They would give me a 15 year mortgage, with 25% down, 7.25%, but I couldn't swing that.
6. I can easily make a $1,000 per month mortgage payment (PITI). I want to get a fixer upper place like this one, that I can be fixing up over the next 6-12 months and then when my grand-daughter starts pre-school, I would be ready to move in and restart my recruiting business or get a job elsewhere if needed. I normally made anywhere from $50-100K annually as a headhunter being self-employed.
Is there any way that I could qualify to purchase this home via HomePath given my current situation? Please let me know, and if not, do you have any ideas? Like I mentioned earlier, I know I can get my VA in Jan 2010, but by then I would lose this property and the $8,000 in stimulus for first time buyers. I am also working with NACA.com to qualify for their mortgage as well, but they also require two years since bankruptcy. They have a great mortgage, but again, it can't help me until Jan 2010.
Prior to my Chapter 7, I had excellent credit and have owned four homes and had second mortgages between 1976 and 2004. I never defaulted on a mortgage.
Can you offer me any constructive advice?