A friend of my wife's mother is about to sell their house. It isn't my dream house, but it is a very good deal that I could later make money from. My question is this: Will lenders be more lenient on a house that you can pay off in like 5 years? I will have less than 10% to put down. I wasn't planning on trying to get a house until the middle of next year, but this is a good deal that I hate to miss. My best credit score is only 620 (because of inquiries and new accounts), middle is probably 550-600 (around 6 lates). I live in Texas if anyone knows of a good broker that will work with you. Thanks in advance
Fannie Mae is much likely to approve you on a 10 or 15 year note than a 30 year note. I am a broker in ohio and I just got a 15 year refinance approved on a 562 middle score. If you have any assests in a 401k or something that would really help.
