What are my chances of qualifying for a mortgage?

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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.

5 Comments
  1. Reply
    reichman2007
    May 4, 2011 at 1:11 am

    Quite good. When there are home loans to be given..lenders make REAL money.

  2. Reply
    mlamb56
    May 4, 2011 at 1:42 am

    You should have little trouble, but having at least a year in one job, and preferably two years, will make a difference to the interest rate you can get. I recently got a 100% mortgage but with a high interest rate as I had changed jobs a year earler.

  3. Reply
    Sexylips232
    May 4, 2011 at 2:23 am

    A lot will depend on what you credit and finacial situation is. With the market the way it is now, from what you stated it seems pretty good, but would probably increase greatly when you have gained employment, try it. Nothing hurt but a try and then you can find out exactly what you need to do.

    God Bless and Great Luck and sucess to you and yours!

  4. Reply
    Dan
    May 4, 2011 at 3:02 am

    Your credit is not the greatest but its definitely not horrible either. From those scores you would qualify for 100% financing now and yes it would carry a higher interest rate but none the less you would be paying your mortgage and not someone else’s. I recommend buying now and refinancing in 1 to 2 years once your credit score has gone up. Then you would qualify for a much better interest rate. I hope this helps you but if you need any assistance or have any further questions please feel free to contact me http://www.dantadgerson.com.

  5. Reply
    d b
    May 4, 2011 at 3:53 am

    I would say your chances are pretty good. The key will be to find a job before you apply for the loan. If the job is in the same type profession you were in previously it will count in your favor as opposed to starting over in a brand new career. If you decide to do the lease purchase have a lawyer look over the agreement before you sign.

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