Mortgage Loans

[turboturtle]

My family is considering relocating to FL from UT. My job would be a transfer, by my DH would need to find a new job. Our credit is not great, we each have past BK, but no delinquencies, collections, write/charge offs, judgments or anything like that. My husband's score for some reason is much higher than mine. My income is much higher than his, and as I mentioned above, my job will be the transfer, he will have new employment. With the industry the way it is, I know now is the time to buy, but for us, I don't think it's even worth trying. I fear that we will apply, and with scores as low as ours are, I fear the inquiries would hurt our rental opportunities if things don't go well LOL. What I don't understand, is that the GOVT and lenders help people with far lower income get into homes that they CANNOT afford, hence the crisis our country is in, but I fear we won't be able to get into a home that we would be able to afford vs. renting. We have a lot of options like first time buyer, VA, etc. I guess the short question is ... is it worth trying, knowing that our credit SUCKS ... or should we just keep throwing our money away to someone else's mortgage via rent? Our situation is even more complex because of the move ... thanks for any advise or recommendations

[DallasLoanGuy]

the govt and lenders dont put people in homes thy cannot afford.... people do that to themselves. i am willing to bet that all these foreclosure people are sitting on leather couches financed after they got into their homes. and there is a shiny new car in the driveway.

what are scores? when was the bk discharged? what does the last 12 - 24 months credit look like,.

[1111mel]

My parents were supposed to be relocating to the Miami area. Over the last 6 months they have been looking at homes. Some have dropped $200K since they first started looking(they were $799K and are now $599K)

I would suggest renting for at least 6 months to a year because the homes will be more affordable then and it will give you some time to get the scores up.

...And it would give you more time to decide which areas you like and which you don't to ensure you really like your house.

[turboturtle]

Thank you for putting me in my place. That was a very closed-minded opinion I had of our current mortgage crisis, and you helped me realize that there are other factors involved. My scores are low 600s and my husband is in the mid 600 range. DH BK was 2 years ago, credit is perfect since. We have about 2000.00 in debt, which could be paid off in just a couple months if need be ... not including our vehicles. We have a FLAWLESS rental history. I've done some research and realized that the housing market is more than likely going to continue to drop, so I probably will just continue to try to raise our scores by paying off the debt, further my degree here at home, save some extra money, and if we do move, we will probably rent for a bit, or if we are lucky find a rent to own situation. Even luckier still, find an even better deal 10-12 months down the road. We are looking at gulf coast; greater Tampa area ... we could never afford Miami, and my transfer would be to Tampa. I do truly appreciate the advice, and the enlightenment.

[DallasLoanGuy]

yep, florida isnt going anywhere.... neither is the real estate. better deals down the road from what i hear.

[kmatthew]

We have a beautiful home in Land O Lakes, Fl for sale at a steal if you want to buy It was built in 2005 in a GREAT neighborhood.