Would it be best to rent an apartment for a year so that ...?
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my husband can re-establish his low credit score (520's-540's, he has the income) with a secured loan or secured credit card and work on my average credit score (low 600's, I don鈥檛 have income, full time student) to eventually qualify for a "A grade mortgage loan".
The mortgage consultant said he could get the secured credit card, pay on time, them come back in three months and it would be easier to qualify with a better rate, mid (7% rate) instead of the estimate of (10% rate) if we did the loan in our current situation.
Is it better just to wait a year?
**serious answers only please**
Would it be best to rent an apartment for a year so that ...?There are a lot of "What if's" in this question.
What are property values doing in your area?
If you buy now and in 6 months try to refi and property values declined another 5%, then you're stuck, you can't refi into a better loan. OUCH!
If you're in the handful of areas where property values are increasing, then further conversation should be had.
You can also look into doing a lease option with a "motivated' investor. You could probably get really good terms just so they don't get foreclosed on. Those deals are out there everywhere. Tons of speculators got bitten and are trying to unload their properties.
Good Luck
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