What are my chances of qualifying for a mortgage?
Recently divorced, credit was ruined last few years when ex hubby had ‘trouble’. I have since Feb. 2006, raised my credit scores from TU-614 to 631, EQ-539 to 563 and EX-597 to 626. I have acquired two Credit cards and a car loan and have paid all three on time since I got them. I have paid my $ 800 rent on time for the past 12 months. I have to relocate (long story) and will be looking for employment in that town. I am currently not working but have fixed income from Child support, Spousal support and SSI from disabled child. I have been offered the opportunity to buy a house where I am moving with a lease to own option. I do have a down payment thanks to my divorce settlement. I am asking for 18-24 months to finance this house while leasing. The house is $ 91000. What are my chances of financing now vs 12 or 24 months from now contingent upon my keeping my payments current on my credit obligations? Any info or advice would be welcomed.