Help with renting/buying foreclousure (short sale, foreclosure, lease)

[miketampafl]

I am currently renting a house in tampa fl.The house is going to foreclosure and im having problem getting a mortgage,I really would like to buy the house.Ive never been late paying the rent in two years. I was wondering if you can give me an idea where I might find an investor where they borrow the money to buy i realize it would be a higher intrest rate or buy the and rent with option to buy would be able to put the 3.5 percent down or buy the house and have a long lease i would prefer the loan 1st.mike

[bentlebee]

Uhm, uhm....isn't that why the whole housing market mess started!

Buyers who cant afford to buy a home and should be a renter!

If you can't handle your financials then you first have to start to learn how to save money and pay your bills and get your credit score up and when you have a track record of doing that than you should be rewarded by becoming an owner.

Even if an investor is willing to give you money you will need a down payment...And I wonder where your 3.5% down payment is coming from....if you have that amount of money you should be able to pay of your debt and get your score up and getting a good interest rate sooner than later instead of paying 8% or higher.

[SnowBirdMom]

Sorry, it's not that hard to get a mortgage. There are still plenty of programs with flexible borrowing guidelines and FHA is one of them (which I assume the OP is talking about with the 3.5% down comment)

FHA will write loans down to a 600 through Wells Fargo Bank with 3.5% down.

Credit score isn't everything. You have to have a steady reliable income as well.

You can get a mortgage a mere 24 months after bankruptcy, foreclosure, or short sale.

If I weren't in a position to qualify for a mortgage, I'd ask my landlord to re-sign my lease agreement TODAY for another year term. We were renting a house that foreclosed last year and the bank will probably honor the lease if the rent is "market value". We wanted to move anyways, but the bank was willing to let us live out our lease.

That would give you a year to clean up your credit and hopefully qualify to purchase the home.

Most investor mortgage that I am aware of require 35% down if you cannot qualify for a conventional mortgage.

Good luck!

[lilacmama]

Is Wells Fargo a more lenient lender?

[SnowBirdMom]

It just depends WHAT is on your report. The FHA borrowing guidelines are being changed effective 7/1, so you cannot have any unpaid charge offs or old debts totaling over 1,000.

There are several lenders who will write down to 620 for FHA. You have to shop around. I have a client who did a Wells mortgage with a 600 score, but he had a LONG employment history and a lot of reserves (savings).

[miketampafl]

I have 650 credict im now paying 1550 and my loan payments evrey included woud be 1144 there aint a doubt in my mind i can afford it and yes have the 3.5 to put down ive never been late on rent in 4 years ive had same job 7 years i am stable the landlord says he cant do a year lease only 2 months i have been looking to rent but i have 2 doberman that i refuse to part with and cant find nothing in tampa and all the property managers said no way

[SnowBirdMom]

so what's holding you back from qualifying for a mortgage? your debt to income?

I'd talk to another broker then.

[gulfer]

Exactly what SnowBirdMom is saying, talk to someone else. I would be on the phone with your bank to find out why. If it is because of your 650 (also look at the highest, lowest, and middle) that your bank doesn't want to lend, there are other programs out there that are available to you.
Don't take know for an answer Mike!

[bentlebee]

Originally Posted by miketampafl

I have 650 credict im now paying 1550 and my loan payments evrey included woud be 1144 there aint a doubt in my mind i can afford it and yes have the 3.5 to put down ive never been late on rent in 4 years ive had same job 7 years i am stable the landlord says he cant do a year lease only 2 months i have been looking to rent but i have 2 doberman that i refuse to part with and cant find nothing in tampa and all the property managers said no way

Any repo's on your credit report or anything else that may disqualify you?

If not you need proof of paying the rent for 4 years. If you paid cash you need to show proof of receipts...having some money paid that is not showing up on any bank statement is not helping you since lenders will look at a lot of things right now which is very good.

[Pragmaticus]

Originally Posted by miketampafl

I have 650 credict im now paying 1550 and my loan payments evrey included woud be 1144 there aint a doubt in my mind i can afford it and yes have the 3.5 to put down ive never been late on rent in 4 years ive had same job 7 years i am stable the landlord says he cant do a year lease only 2 months i have been looking to rent but i have 2 doberman that i refuse to part with and cant find nothing in tampa and all the property managers said no way

How do you know "your" loan payment when you are not even qualified to get a mortgage?