I'm 1 year out of Chapter 7. NO established credit since then, BUT have a stable income and a 75,000 down payment on a $150,000 house. What terms do you think I'll find?
2007-07-31 10:41:07 · 4 answers · asked by Affy 2 in Business & Finance ➔ Credit
50% is a great down payment, there are some loans out there that you can get with no fico, as long as your LTV (loan to value) is under 80%.
2007-07-31 11:55:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't think credit is never an issue, but there are some no document loans out there. Forget about the normal banking channels, find a loan broker (not a crook) who has private funding available. Even with 50% down there may be some issues depending on where you are buying, but from what I know from working with a lot of these folks, there are as many choices as there is creativity. Some are more legit than others. Find a good loan broker and you'll be good to go. Read the fine print.
Hope this helps.
2007-07-31 10:46:30 · answer #2 · answered by Avery G 2 · 0⤊ 0⤋
Money talks. You should be able to negotiate pretty decent terms. If you put that much cash down, the lender's risk is lowered.
I just have to ask how the hell you acquired $75K if you filed Chapter 7 just one year ago. It sure sounds like you had assets hidden somewhere or the funds are from an illegal source.
2007-07-31 10:48:44 · answer #3 · answered by bdancer222 7 · 1⤊ 1⤋
CASH is king my friend.
With 50% down you should have no problem getting approved for a loan.
The lenders risk is almost none.
2007-07-31 11:05:03 · answer #4 · answered by ? 7 · 0⤊ 0⤋