Need Advice! Want to Buy a Home

[jewdln]

I have a question I am hoping can be given. I need some serious guidance.

Our BK was discharged 4/2012, so this April will be 2 years.

I get my experian score from my bank (US BANK) which connects me to Experian

I get my Trans Union score from my Barclay card.

My experian in January was 663 and in Feb it is 654, can't figure out why. No lates, no big balances (if any)

My Trans Union in January was 661 and in Feb is 662.

This is what I have.....

Barclays was $1500.00, just today was increased to $3500.00 Balance $260.00 (also joint on spouses for $1500) Balance $0.00

Capital One $1000.00 Balance $0.00 (also joint on spouses for $1500) Balance $0.00

Us Bank $300, secured Balance $3.82 (pd today)

Local Credit Union $300, secured Balance $0.00

Walmart $400.00 increased last week to $500.00, Balance $0.00

Amazon $400.00 balance $0.00

Fingerhut $500.00 HAVE NEVER USED IT.

All the increases were not requested, they were issued by the cards/banks themselves.

I don't have a car loan. I rent a house.

Our rental contract will be up in May/June....

I can buy a house with $1 down on DH VA but house prices are taking off for the roof here in Las Vegas and

that is what happened last time and we lost ours and caused us to go BK.

We decided we don't know other places so we want to buy a motorhome, travel for 3-5 years, see the country and

hopefully will find somewhere new we like and settle there. Or maybe stay in a MH longer.

Here is the problem. To buy a Motorhome witha BK, you have to have 4 things.

1) No lates or derogs since the discharge (CHECK)

2) Income of at least $60,000 a year or more (CHECK)

3) 20% down payment (CHECK)

4) Fico score of 680 or higher (NO CHECK)

What can I do, how can I get it there?

I know one of the answers is a credit builder loan but that takes at least a year. I didn't want to have to move twice.

I would renew here but they want a 2 year agreement and I really don't want to get locked into 2 years.

Security Plus FCU (they are not strict on membership guidelines either)

$500 - $3500 - 6 to 36 month credit builder loan

But not sure it wold be enough for one and two.....IF and I say IF I could get the landlord to let me do a month to month till Aug/Sept, it would be just enough time.

Is there any other way to get my score there?

The only other option I thought of was I know there are RV subprime lenders but I know the interest rate is going to choke me. I guess I could live with it for a year and then hope I can refinance after a year?

Hope someone knows some magic....

Thanks all

OP,

I started a new thread for you and changed your title but changed nothing else.  

You will get more responses in your own thread. 

~Lexie, myFICO Moderator

[RnJ]

Is the title of your post "I want to buy a home" or is it "I want to buy a motorhome"?

Have you really thought this through?  Have you asked a lender what you might qualify for in a home in your current location?   I have no experience with VA loans, but I'm assuming they would be in your best interest if you qualify.

If you buy a motorhome, are you prepared for the initial cost, interest, costs in gas to travel in it and maintenance etc?  Once you've bought a motorhome, how will you save for a home? 

FWIW, home prices are soaring again, interest rates are rising, and you don't have a guarantee of much better elsewhere - instead of buying a motorhome and traveling the country on a whim, perhaps do some research and study on the internet to see what locations might interest you, homes available in that location, cost of living, state taxes, etc.  Maybe even go so far as to visit a certain area for a weekend or so to get a feel for it?

I guess I would also ask yourself, if you and your partner/spouse are prepared to live in cramped quarters for an extended amount of time?

Unless you are retired, have tons of money to enjoy leisure travel, I personally would put your investment in a home rather than a new motorhome and then have that payment hanging over you for some time.  I realize you could buy a used one, but still, they are not cheap!  This is of course, assuming you want a home at some point.