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can I get financed? 50% ltv?

alexanderJanuary 14, 2011 at 7:35amSingle retired woman,56,Want to purchase a foreclosure(approx $75000) in Florida. My fico is a combined 639,income is from 5 land contracts that I carry, income 1200, plus alimony since 94 of 1218 approx 2400 monthly. Have savings enough to put down up to 1/2 if needed. TY by linda alexander from sage, Florida. Jan 14th 2011 Reply

Dwight Bennett (Dwight)
#17 ranked lender in South Carolina - 11 contributions

I do not lend in Florida, but can give you some advise. For income, the most important part is the land contract income. Do you claim it on your taxes? If not it would be hard to qualify unless you have no other debts. Also if you put half down that would put your loan amount at $37500. You have to be carefull there because most lenders have a minimum loan amount of around $50000. But with your FICO score being what it is, the attractive part is how much you can put down. So you have a little bit of a catch twenty two. I am sure you can get it done, just wanted to give you an idea of some road blocks you may run into. Good Luck..If you just want some advice, you can email me at

Jan 14th 2011
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