Does anyone know if it is possible to buy a home after filing bankruptcy (we had it dismissed) and doing a short sale on our house? Our credit mid scores are 660 and 690, we make good money (over $100k) and have been on our jobs for awhile. We tried to get a loan and were told no one will give us one; but when I read around it looks like it is possible. What is the truth?
2006-10-05 14:54:38 · 8 answers · asked by Blitz 3 in Business & Finance ➔ Renting & Real Estate
You could always look for a land contract. Beware, however, when signing one of these. They can say anything the seller wants them to.
There was a business for sale by land contract, a pizza store... the owner went through 4 different people. He had a stipulation that if payment was late, the contract was null and void, and they lost the businesss. He, of course, got to keep whatever they'd already paid in and didn't lose a penny.
Read everything through twice, but it really is a great way of buying a home for someone who can't get a traditional mortgage.
2006-10-05 14:57:58 · answer #1 · answered by iswd1 5 · 0⤊ 0⤋
It is possible to purchase a home in your current situation. You may want to look up mortgage brokers who specializes in subprime deals. Best if they're in your local area.
The credit scores you've provided should be sufficient for loan officers to work with if they're for mortgage purposes and not consumer credit scores. There is a difference. Also, avoid running your credit if you can, since too many inquiries will drop your scores.
Whoever told you that no one will lend you money needs more experience in the field in my opinion. I've closed loans where the scenarios were far worse than yours.
Good luck and hope it all works out.
2006-10-05 22:18:26 · answer #2 · answered by xugu 2 · 1⤊ 0⤋
Well seems like you got what it takes to get a decent loan. The banks I work with will give you a loan the next day out of a BK not only that but with your scores and incom the programs will be highly competitive. For the best rates, programs and service log onto my company website http://www.justgetaloan.net/ fill out a free online apllication, you can have a pre-approval within hours. Also if you have any additional questions feel free to contact me Jenold Freeman at 866 530 7300 ext 7305 or email jfreeman@justgetaloan.net
2006-10-09 09:32:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
there are some companies out there who take the risk, the reason is when you file for bankrupcy the majority of those big companies Got scarred of you, they don't really trust you. They have in their mind that you will not hold your commitment, and you will file again. But there are some other companies out there who will take the risk with you but be aware that you may be charged a very high interest. I believe when you file for bankrupcy, it stays in your file for a certain period of year and afterward you are free. I believe it ranges between 7 and 11 years depending on the chapter that you filed for. I hope this helps you.
2006-10-05 15:01:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would try all the banks, online mortgage places, everywhere it seems like you could get a loan somewhere. With the bankruptcy though, your interest rate could be high or they may make you take out additional insurance with them which usually costs loads. Good luck!!
2006-10-05 15:03:02 · answer #5 · answered by country girl 5 · 0⤊ 0⤋
We can get you the lowest interest rate and get you approved when others can't because we are an actual FDIC insured bank and we can also put an extra $40,000 in your pocket and help you save 30% on your monthly bills guaranteed. Inquire at http://wtemortgage.com
2006-10-05 18:18:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I could try to help. I'm a loan officer and would be glad to see what i can do for you. What state are you buying in ?
2006-10-05 15:08:26 · answer #7 · answered by Chris S 1 · 0⤊ 0⤋
there is many lenders who will lend money for people after bankruptcy. you have to expect higher rate, but your credit score is good. you have to look for mortgage broker , because they have access to those lenders.
2006-10-05 18:26:57 · answer #8 · answered by bianca 4 · 0⤊ 0⤋