Need to find lender to help get out of lease/buy back

smcglynn · Joined: 15 Aug 2007 Posts: 1

I am trying to find a lender that will work with me. I purchased my home in 2000. Fell into financial problems and ended up in forclosure. Found someone that would do a lease/buy back in 2006. I know. Not the smartest thing to do, but it got us out of foreclosure. I have been leasing for 1yr and need to find a lender that will help me purchase back my home. My husbands credit score 539,584,614 my credit score 549,565,576. I do not know how acuate this is, but it is pretty close. I have about 5,000 to put towards down payment/closing cost. Need to purchase my home back for $275,000.00. Any information will be helpful.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Your best bet would be to do a government insured loan when you meet the requirements (VA 2yrs FHA 3yrs) after the foreclosure was paid. With the sub-prime market being close to non-existent these days, it's going to be extremely difficult. An FHA loan would allow you to receive a gift from the 'owner' for the down payment required, and VA is 100% (if you qualify.)

Problem with FHA is it has county limits. You can check the following link to check what your county limit is:

https://entp.hud.gov/idapp/html/hicostlook.cfm

Other than this, you're going to have a difficult time with a recent foreclosure and trying to get very close to 100% financing.