by Sharon
(Arkansas)
How does a non traditional home buyer with shaky credit get a mortgage? My husband and I do everything backwards. We got married and immediately had children. While we both had jobs, they were not that dependable. As a result, we juggled bill paying, with the bills often taking a backseat to such things as diapers, food, water, electricity and shelter.
After finally establishing a slight foothold we took my brother-in-law up on buying his 1940s home in the country. The house needed a lot of work but it was larger than the home we were renting and was even $20 less per month.
We set up the paperwork for us to rent to own the home. For just over 3 years, we paid $250 per month and got the title to the house. As I said, the home needed a lot of work but was not uninhabitable. My sister-in-law was sick of living in the country and they had already bought another home so we got a great deal.
My husband and I are finishing our college degrees finally and want to relocate. We have some blips on our credit report from our days of total poverty but now we pay for everything in cash, with the exception of car loans.
We were considering using our present home as collateral but is that possible if we move outside this area, possibly out of state?
Also, will the ridiculously low price we paid and the cost of pending repairs, roof, main beam under house, section of wall replaced, cancel out any hope we have of using this as collateral?
Will anyone besides our local credit union (where we finance our vehicles) give us a second glance?
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