Had some problems over the past couple of years and credit went in the dumper. I have been slowly digging out but my score is probably low 500's? Have not checked lately. I have only a couple of unpaid derogs which are relatively small. I want a new place. I own my home outright and intend to sell it which should net me over 50% of the cost of the new place. Any chance someone would finance it for me? If so, where should I look? Thanks.
A lot of variables here, but you should be able to pull it off. Obviously with the current mortgage market issues, your are facing a tough challenge with your scores. But, a 50% LTV should make a lender very comfortable. The question will be the interest rate. Your best bet is probably to find a goof mortgage broker in your area. Ask around with friends, real estate agents, and random calls to different brokers. A good broker can do a lot. In the meantime, start on the basics of credit repair, to increase your score as much as possible. Gauging the timeline a bit, you should be able to make some good increases before the actual mortgage application process.
