Is getting a mortgage after bankruptcy for building a ranch a possibility?

Question

In April I filed Bankruptcy. I quit my job after having a devastating miscarriage and felt like there was no other way for us to survive financially. My husband’s job with the Army requires him to have a security clearance and with already shaky credit we decided it would be best for me to file alone. Most of the debt was in my name anyway, so I filed a Chapter 7 in April. Due to my lawyer’s incompetence it wasn’t discharged till December. We’ve been told that with my husband’s low score and my recent bankruptcy our only option is to wait 12-24 months to apply for a mortgage. This makes sense to me, but I’m hoping there is another option out there. We were foster parents for a time and hope to continue that next fall when my husband returns, but he’s stationed in central Texas where CPS prefers foster parents who own their home. We had established a small business in training and boarding horses and would like to continue that in our own back yard and grow from there.

I’ve contacted the three major credit bureaus to clean up any inaccuracy and I’ve been working at my job for almost a year. Our debt to income ratio is great and despite my bankruptcy my credit score is slightly higher than my husband’s, but still low. I’ve done all of our baking with US Bank in hopes of establishing a relationship with them and I have a low-limit credit card I use for gas and pay off monthly and a secured card I use for business expenses and pay off monthly. So, this is probably much more information than you needed, but it will hopefully be enough to help you answer my question. I would hate to spend another 12-24 months paying $600-800 a month in rent and $500 a month boarding our horses when that could be $15-30k we’ve paid toward a mortgage.

I understand that all actions have their consequences, but we’re a Christian family and hope that through the right network, education and of course prayer there may be some chance of purchasing our first home so my husband comes home from Iraq feeling accomplished and secure.

Answer 1

their are mortgages for everyone, it just matters how much you are willing to pay in fee's and interest . check out bankrate.com and other lender websites for the type of mortgages you will qualify for. don't forget they may want a larger down payment from you too. goodluck!

Answer 2

Usually you do have to wait 2 years to get a mortgage is it is Fannie Mae...unless you want to go with an unconventional (meaning not backed by gov't) loan whih will be at a very high interest rate. That will add hundreds to your mtg payment.

You could also look into a land contract.

People file bankruptcy all the ime...it's a long term thorn in your side, but not a permanent. Your chapter 7 stays on the bureau for 10 years ( 11 and 13 are on for 7).

Answer 3

The information you provided is not too much, it's, unfortunately, not enough to give you a loan quote. But what I can tell you is that, yes, you can refinance or purchase a home 1 day out of bankruptcy.

While most lenders prefer you have at least 2 years out of bankruptcy, they do have programs for 1 day out, 6 months out, 12 months out, 18 months out, and 24 months out.

You should speak to a mortgage broker, as they work with more lenders and have access to programs generally not available to the public.

If you have more questions, or would like some more info, email me or check out our website.

[e-mail]

http://aapexfund.com

Answer 4

There are so many options out there. Instead of using a traditional lender for your mortgage, go to a broker. Brokers have access to hundreds of different lenders with thousands of different loan programs available. The right Broker and Loan Officer will be able to answer all of your questions thoroughly, even how to rebuild your credit score.