Hard to get a house

[Meya]

Interesting thread for those who are thinking purchasing houses is too expensive. Up to date you go!

[KellBell]

I am a first time buyer. My husband owns both our properties and barely has equity in our current home. It is a rental (thank God!) where we live in the upper and rent out the lower, so our tenants pay 3/4 of the mortgage. The other property is a 4 unit apartment complex and that has a lot of equity.

ANYWAY, we want out of the city, but we were told by our realtor to refinance the house we live in BEFORE we decide to buy another home because the mortgage company will NOT refinance a property that we do not intend on living in. He never knew about FHA loans when buying this property and he didn't want to use the VA loan because that would have to be for our dream home. His FICO score was low at the time he financed through GMAC and our rate is 12.6% (YOWCH!)

Does anyone here think that I personally (without hubby) be qualified for an FHA loan at a low rate with downpayment assistance? I do make a lot of money, but as you all know, my FICO is in the mid-600's...

Advice?

[Meya]

You might, I would say, go and get preapproved through a bank, they can give you more detail than what we can because they have their own scoring system which tells them all about you and what you need to do before they would qualify you.

Ps, guess what everyone Luckylique is a new home buyer. She was being very sneaky on this one and buy passed all of us. Way to go Luckylique and KellBell. You guys haev purchased something I am dying to get. When will it be my turn?