Help with my situation...

js72077 · Joined: 12 Aug 2009 Posts: 1

I just found this forum today and have taken some time to read a lot of the posts and wanted to post my situation and see if I can get some advice outside of "just fix your credit" and maybe even some assistance...

I am in Ohio and currently renting for $600 a month.

My credit is obviously one of the hurdles that I have to overcome when looking for the ability to buy... I understand that. My score is in the 550-570 range, I have not gotten all three of them, just one as of now... I intend to get the other two here soon.

Anyways, it has been brought to my attention that there is a property in the same town, school district, etc. that we live in that was foreclosed on in August of 2008.

The asking price is $60,000 and the home valuation through a few sources is in the range of $140,000.

I am thinking that I could make an offer of $50,000 or maybe even lower and secure it... just my opinion. I have $8,000-10,000 that could be applied for a down payment, in addition to any "gifts" that could be received from family or other sources.

The house has repairs that would need to be done, as it is listed in the listing by the Realtor... I am OK with this because I have family that does this kind of work, so I can get things done.

I am self-employed, my business does over $100k per year, my stated income on my returns is in the $18-20k range as I take a minimal pay and my wife gets $4,500 per year in child support but her credit is worse than mine so I think whatever good the addition money would be, would be hurt by her score. As for me, I have my last three tax returns, all being self-employed.

We have not officially looked at the house, other than the drive by and look through some windows. We have not done this because I don't want to start a process that has no chance of getting completed. I would like to make a move and I don't want to wait too long as this has not been on the market long and I am afraid as things start to improve that it will be gone.

Suggestions? Help? Advice?

I know that if my credit was 600-620 or better I wouldn't be having any issue other than the repairs that needed done... so I am hoping that out there somewhere is a creative way to get something like this done.

FYI, I have called my bank and talked the people there and waiting to hear back from them, I am trying to have as many options possible as it could come down to me looking to borrow a house that is $100k more than what I am looking to borrow.

Please email me at js72077@yahoo.com if you would like. Thanks.