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My wife and I appear to be on our way to getting a home after a foreclosure in her name back in 2010. But it's a bit complicated.
I have had credit pulled by 3 Mortgage Lenders and they all say the same thing: Credit Scores (mid 600's for both of us) are enough for FHA loan. We make more than enough money (105K). Debt is fine. But there is the foreclosure and the fact the lease on our apartment expires on April 26th, while it's been verified our foreclosure will hit 3 years on June 28th.
So, it looks like we will sign a 6 month lease and buy our way out of it when we find the home we want to buy.
My question is this. If the lender pulls credit on or around the first of June and everything, besides the foreclosure is still fine, could we get a conditional approval letter to get serious about finding a home so that we could be ready to go by the end of June? Could we then make offers and so forth?
Anyway, exceptions that would allow you to do something sooner include illness.
With your flexibility, it should all work out fine. I'd just like to see a lender go the extra mile for you
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