Is it possible or am I destined to never be a home owner? Where do I began?
2006-07-05 17:14:50 · 6 answers · asked by Gina B 2 in Business & Finance ➔ Renting & Real Estate
My credit score is hideous.
2006-07-05 17:30:51 · update #1
It doesn't matter if you filed for bankruptcy. What matters is YOUR CREDIT SCORE!
If you are denied a home mortgage. Try doing a Land Contract or Rent with Option to BUY.
2006-07-05 17:25:02 · answer #1 · answered by jennifersuem 7 · 0⤊ 0⤋
You can get financing 1 day out of a BK - I deal with all types of credit - the old way's was that you had to wait 2-3 years to refinance or purchase. But with Corporate American and ppl filing a Chapter 7 or 13, companys needed to re-structure. There are many companys that will do a mortgage loan for you, 1 day out of a BK. Have you established any credit since your BK. What is your middle credit score. Lenders look at your middle score, to qualify you. Or they will add alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable
- talk with a Broker - Why a broker?
A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.
Good luck
2006-07-06 00:23:13 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
Talk to a real estate agent and a mortgage broker. Most of the time you have to wait 7 years before anyone will lend money to you for a mortgage. In the mean time maybe you can work out a "lease option".
2006-07-06 00:18:52 · answer #3 · answered by Diane D 5 · 0⤊ 0⤋
First of all, it depends on when you filed - it takes at least 2 - 3 yrs to get your score back up depending on how and what you included in the case.
2006-07-06 00:20:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You will have to discharge the BK. There are lenders that will lend to you 1 day from a BK discharge depending on how bad the bankruptcy has hurt your FICO scores. Some will even go to 100% financing.
http://www.lendermark.com/can_i_get_a_mortgage_with_a_bankruptcy.htm
2006-07-06 12:12:51 · answer #5 · answered by lendermark1 2 · 0⤊ 0⤋
Have you thought about going in with someone reliable? Well, at least to have them as your co-signer. If you have a strong co-signer, most lenders will deal with you.
2006-07-06 02:18:08 · answer #6 · answered by Nikki W 3 · 0⤊ 0⤋