I think the end is in sight.....

[fivonut]

and it's not the ending I was hoping for. A couple months ago I posted about buying a home. I got prequalified even though I'm only 1 year out of bankruptcy. So we started looking at homes. We've spent almost every weekend since then driving by every home we could find around our price range. Finally we settled on one of the first ones we looked at here in Hortonville. It is without a doubt the best house we've found in our price range. So we made an offer. The seller flat out declined it. Then found out that he was having difficulties selling a piece of property that used to be attached to the home. So we wait two weeks for him to work out the problems and make a new offer. He counters with a ridiculously high offer. Come to find out he owes a lot of money on the house and has almost no bargaining room on his asking price but he's very close to a foreclosure and may be able to talk the bank into a short sale. So I call my mortgage broker for a good faith estimate because we're really close and I want to know what I'm getting myself into. And that where's it all goes down the crapper. Because of my short time out of bankruptcy I don't qualify for typical bad credit mortgages. The types of deals I qualify for are more or less offered through investors who apparently are able to shut down their programs at will. The program I qualified for shut down 3 days ago. What I qualify for now is very high interest with more down payment than I can afford. I still have a couple tricks up my sleeve, but it's falling apart faster than I can pull it together. I guess if all else fails waiting a year will put me into an FHA program. I made a lot of real dumbass mistakes when I was in my late teens, I never thought they would come back to haunt me like this. Let my experience be a lesson to anyone here that could use it.

[JORGE]

sorry to hear that man

[smokin'Red35th]

that sucks man. if it is meant to happen it will, if not another chance will come along. Good luck to you.

[88Nightmare]

well you cant let all that get you down. keep your hopes up, sometimes things turn around unexpectedly.

[1slo5.0]

No need to rush Devin. The longer you wait, the more you can have saved up for a down payment. You will get it worked out so don't sweat it.

[fivonut]

Thanks for support guys. If all else fails waiting a year will do wonders for my financing opportunities. If that happens all I have to do is work on my patience. Unfortunately, when I get in my head that I want something I have a very hard time letting it go.

[Teeto's5.0]

Good luck!

[Overdrive]

The best thing you can do for your credit is to open 4 credit cards. For a FHA loan you will need 4 open lines of credit. It also has a lot to do with discharge date too. I speak from first hand knowledge on the subject. Thats the problem with "Prequalified", in the end its not worth the paper its written on. What you want is "Preapproved". And even with that it's tough. When we had the "preapproval " letter sellers didnt take me serious until I had the letter from the loan company saying that I had the loan secured. Hang in there, it will get better. But after the bankruptcy your lawyer should have told you get a few credit cards. We used ours for FUEL only, and paid them off at the end of the month so the intrest wouldn't kill us. That shows credits that you have learned your lesson in life, and can be trusted.

[smokin'Red35th]

all I have to do is work on my patience. Unfortunately, when I get in my head that I want something I have a very hard time letting it go.
That's my problem, and thats how i came about to buy a mustang while in tech school and get a nice loan with 13% apr instead of waiting and finding a loan through the bank lol.
Its all better now, refinanced for 6.45% :thumbs_up I learned my lesson lol

[Mark302]

It will all work out in the end. Another perfect house seems to come along everytime we look too. So if you don't get this one there is always another.

[Greg@GLD]

Sorry I haven't replied to many posts this week, been so busy and preoccupied with the server issues and work in general...

Hang in there Devin- This is the kind of situation that time will heal.
You'll get to where you want to be eventually. I was 39 when we bought this house...