I want to buy the house that I am living because it was foreclosed and the owner is looking to sell it. We are not currently paying rent but the owner wants to come up with an agreement with us to pay rent since the house was taken away from my previous landlord. It's a legal two family house and a great investment opportunity. The asking price is $275K but it will be sold at whatever it appraises. I want an FHA loan. My fico scores are eq 550 tu 586 ex 622. I am working on getting them higher and doing PFD for a few collections on eq and ex. My scores are low because two of my student loans defaulted but I did a rehab and my last payment was this month. I spoke to Suny and they said all the prior negative info will be turned into positive info and the balanced owed will be much lower. I can't wait! Not sure how much of an increase I can expect but I'm hoping it gets all my scores in the 600s at least. Right?
Debt: 105K (student loans and car payment) car payment is $679 per month and the student loans are all in deferrment but the usual payment for all is around 400.
Income: 75K
401K: 11K
Down Payment: 3.5 % (in a savings account)
Purchase price is will be around 250K in Long Island, NY
It is a legal two family so I am hoping that I can use that rental income.
Do I have a chance??
Anyone?