Ok guys, this forum is the home of the experts, so I'm turning to you!
I'm desperately looking for a lender/bank for a purchase mortgage. The bad: I have a foreclosure on my credit. The good: my assets are larger than what the loan amount would be, and would use these assets to back the loan.
I'm only a few months away from the 3 year mark on the foreclosure and at that point could go FHA, but for a number of personal reasons need to buy before then. Purchase price would be between $180-$200K, and I can do 10-15% down. Credit score is not great but ok (629). My front-end ratio is at or below 28%, and my back-end ratio is only around 34% (I have no outstanding debt). I was recently approved for Social Security Disability and I am guaranteed this income for the next 7 years (they review cases every 7 years, but my disability is permanent so I can safely say this will continue indefinitely). So no risk of loss of income.
I'm in Minnesota. Can anyone point me to a lender that won't screw me on interest/costs, yet approve me with the foreclosure still on my record for a few more months? Again, this loan would be fully backed by my assets. I also have a co-signer available with stellar credit and large assets, but I realize that doesn't negate the foreclosure issue, so that may be a mute point.
I'm open to credit unions, portfolio loans, and maybe even a private investor as long as it's reasonable (already went down that path with a local guy and his terms were a joke!).
Let me stress this would be a short term loan. At MOST, 6 months. At which point I would refi out if this.
Specific names of people/ loan officers would be greatly appreciated (vs. advice to just "contact local banks").
A major thank you in advance to anyone who can help me!!!!
