Help! We Are In A Catch 22
My husband and I were lucky enough to get offered a wonderful house at almost 20k under appraisal on a contract for deed.
After a bout of unemployment we have pretty bruised credit. We are trying to fix our credit, but in the meantime it would really help to finance our house to lower our monthly payments. So that we can afford to keep working on the old credit stuff. But until we fix it no banks will touch us.
Does anyone have any creative solutions for me? 
wc,
There might be, BUT...
We need alot more information on your house re: comps.,interest rate, what you paid, down payment, years remaining on CFD etc.....
....and your CREDIT SCORE!
....as always,
GoodInvesting, Rocky
I will answer what I know
comps. ? what is this ? If it is comparable property, an identical house in the same suburb is on the market for $174,900
interest rate - 7% simple interest over a 12 month note (ie a really high payment - $1505/month)
what you paid - $167,500
Balance is $165,905.37
down payment - $0 up front, but we have so far given them $4500 of which we get equity for what you see above.
years remaining on CFD - 9 months
....and your CREDIT SCORE! That is the worst of it.
Equifax 526
Experian 497
Trans Union 479