Is There Anyway I Can Do Better?

Discussion in 'Credit Talk' started by jencan, Oct 2, 2003.

  1. jencan

    jencan New Member

    My ex and I are on good terms. The home we purchased when we were married is in his name although I put down the down payment so he has agreed, in court, to give me whatever equity he can get through refinancing.

    We had a bankruptcy discharged in June of 1998. Currently, my FICO score is about 640-642. I have been unemployed the last 2 years because of choice. Previous to that I worked 1 and 1/2 years self employment and then have a pretty solid employment history going back to the late 70's with about 6 years spent in each job. He has agreed to pay me alimony of 1350 through January (but is willing to extend that for much longer if needed to help acquire a better mortgage) and then 500 through January 2005. I am moving to a different state (NC) so have not been able to seek employment prior to purchasing a home. I have 2 credit cards that have low maximum's and neither are even at 50 percent. (about 800 available credit) I have an old Sallie Mae that I am paying on. Also I have a one time loan from Dell that is at 700 right now.

    The best I have been able to do, mortgage wise, is a no doc 20 percent down 30 year fixed at 3/4 above prime. I was hoping to get a 10 percent down at a higher interest rate and then go 80-10-10 to avoid PMI. I was not listed on the home we have now and because alimony can be considered as income, I had also wondered whether I would qualify for an FHA loan or any of the specialized home programs.

    Can anyone help me out with any ideas? Does anyone know any bank that would take a chance on me?

    Any advice at all would be greatly appreciated.


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