Investment propert/poor credit/50% immediate equity
My father-in-law is willing to sell the house he had planned to will my wife for less then half of what it's valued at (county taxes). My credit score is around 525-540. I just started the process of credit repair and hope to have a better score fairly soon (baddies are falling off too). I'm afraid to miss this opportunity, as things tend to change. Do I have options with bad credit and basically a huge down payment?
Also, I've thought about the possibility of assuming his loan ($100k) and financing the remaining ($40k). How hard is it to assume a loan?
Other factors:
I own a home with about $125k worth of equity with lease option set for 6/08.
I would like to purchase an additional house as a primary residence in the next 6 months for around $175-200k on $80k salary. (Moving to the largest nuclear waste dump in the U.S. where plutonium for Nagasaki was created. Points if you can name the place)
Side note:
Shouldn't they take into consideration that I made a good investment:) . Yeah, my credit score suffered, but I'd do it all over again.
|
Get Credit Repair Discussions
Get credit talk via Email
Linear Mode
