Saturday, May 3, 2014

High income, bad credit mortgage?


I've been a doctor for a year now and make over $400,000 per year. During residency (newly married, two children, away from family and husband stayed at home with children), I let many bills slip and was sued from a previous neighbor situation (in which I paid $10K out of pocket to settle), but still have a judgement on my report. I paid all of my bills/credit cards off.

I am looking to buy a home because the rentals are horrible where we live. I'm looking at a $500,000 home. We have no other expenses, other than food, basic bills and our children's school (which is $10,000 total, all paid up front and done for next year). We share a car and have no car payment.

Is it possible with a 650 credit score to get a mortgage?

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