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Can I qualify for a mortgage? Complicated!


Can I qualify for a mortgage? Complicated!



I was wondering if anybody has advice or thoughts to share regarding my situation.


I was a cosigner on a HELOC for a property that went through short sale and closed in August 2012. I was never on a title for that property and it shows in my credit report as "settled for less than owed". I currently have one mortgage for a rental property (owe about 60% of the value, the payment is half of what I collect as rent), I have 3 credit cards, all less than 10% utilization. My scores are between 660-702.

I have a decent income and enough for a large downpayment (30%).


What do you think? Should I go through FHA, because my credit is not very good? Do I even have a chance of getting qualified with the negative hit of "settle for less than owed".


Thanks for all your thoughts and advice!

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