unable to finance a mortgage with poor credit
 

Credit score 596.

Late payments as recently as last February are the reason I'm/we're not eligible for a loan. They said to try again after 12 months of no late payments.

This is my doing, as much or more than my husband's. There were days where I had money in the account and wasn't together enough to make the payment on time, and instead of asking my husband to do it I would keep assuring both of us I'd get it done. There were times we couldn't afford the payments and could have borrowed money from family, but I refused to on principle. My denial of reality at the time, plus some of holding to my guns. That part I don't regret.

Missing out on a great deal of a house, much lower than rent would be and walking distance to work/school. I gave this up to my HP as I started looking into this and made an offer on it. I know something better is ahead. I also know I have my own work to do on my life in the meantime. As I find what I'm powerless over, I also learn what I need to take responsibility for.

Glad for the healing place I'm in. Just for today... I will let go and let God.

I'm sorry and completely understand not being able to do something because just breathing day to day felt like a chore. When we are with someone that has an addiction it takes an emotional toll on us too.

Your story did make me think of a friend of mine. . They were approved for a house and they were excited but before the paperwork was complete her husband lost his job. I kept thinking what would happen if they had got the house!!

I tell you this because you never know what the future holds.

Give yourself a hug alot can change in a year.

There are some terrific credit forums out there. I'll send you a link in a pm for one that I really like.

I've always been uber-cautious about my credit, and even at the worst of my drinking and my most disorganized, I've always had great credit. There are certain tricks I use, such as setting up automatic payments for at least the minimum amount, scheduling my payments so they come due when I know I've just been paid, etc. (most credit cards will let you change the due date). With a little bit of discipline, you can bring your score up pretty fast--you might be surprised.

Lexi - I'd take a likn too! I got some work to do there as well!

THanks,

Done!

Anyone else that wants a link, just shoot me a pm--I'm glad to share.

Many other areas of my life are still cringe-worthy, but the credit stuff is one thing I've pretty much nailed. Of course, we're all only a job loss or medical disaster away from trouble, so I don't mean to suggest that it's all my doing, personally--I've been very fortunate.

There are also private lenders out there. They finance based on value or property and current situation. May have to pay a point or so higher, however they also don't have the closing cost and insurance requirements.

Go out and look for" Hard Money" (It' a misnomer), or "Private Mortgage Financing".

In todays market it will be from 6-10% offerings. Don't take the 8-10% ones. Keep shopping.

Right now I'm making my mom 6.5% on 160K or her money. Secured by a house. It was her the homeowners house after a divorce. She had a nuclear bomb for a divorce and was at 570ish when she started. Made good money and the divorce was behind her. It would have taken her 3-4 years to be mortgage worthy She has been perfect in payments. It has been a mutually good arrangement. If she re-finances out of this loan, I will do it again in a minute.

This realtor needs to put her two cents in on this conversation.....

Late payment has recent as Feb 2015. Which means you have a good 6-7 months to clean up your credit. I suggest you apply for a secured credit card via maybe Orchard Bank, there are quite a few out there but this one comes to mind. Start using the card and making timely payments. This will bring your credit score up by the time you start looking for a home again. I don't ever suggest to my clients a hard money loan. Interest rates are just under 4% right now with the banks. Even though they may rise a smidge by the time you apply for a loan I doubt ( I may be wrong but I don't think so ) they will be up in the 8% area. You must make your current mortgage payments in a timely matter (meaning don't go over 30 days late) otherwise you will have to start your 12 months all over again. Good luck and if you need any more info feel free to PM me.
Ro

Can you contact a local nonprofit chapter of NACA? I think it is naca.com
started by Bruce Marks. He started refinancing houses for people at 5% or less to keep working people in their houses. He does good work and has been in the news, I'm not sure about the chapters around the country but it is a nonprofit that has helped people save their houses.

Great suggestion!!