Buying a house after Bankruptcy

[sobroke]

Well, I talked to a mortgage broker today (yes..impatient) and she told me that a person will not qualify for a mortgage with a forclosure and bk listed on cr (for at least two years) I have 5% down now, but that isn't good enough. I am beginning to wonder if this woman knows what she is doing, because I thought you could get financing after a bankruptcy? What do you all think? My mid score is 624 and my DH is 630. What is the problem????

[bkfiler]

yes you can get financing. who knows what she was talking about. all you know is you dont want to do business with her. thats all. next....

the longer you wait the better the offer will be though. google 'lendors' or 'realator' in your area and start calling them for advice on the list. make a list and report back to us adn share if you can. see what they all say.

[sobroke]

AHHH...I don't know whether to cry or say to he&& with it! Then I look at bkfiler's picture and I laugh! I will let you know. I am talking to several others. The stupid forclosure was a result of the bk. I can't tell you how many people said that it wouldn't matter. Now I am stuck! It's not like I can file bk again!

[StaciMM]

The broker you spoke with might only work with Prime lenders. Under 2 years after BK, we're in the subprime market. You'll need a broker who deals with all types of loans...

[JeepMom]

I checked out that page staci listed, it said we q'd for an 80/20 loan, anyone know what those are about?

[bkfiler]

two loans - 80% loan and a 20% loan.

80% is toward the house.
20% is for the downpayment you are supposed to have for a house.

you have to be very careful with those because you are paying on two loans and it can be costly.

[JeepMom]

It looked kinda high. I'm thinking we're just gonna wait out at least a year. Dh's TU score is 640 w/errors listed so we should get something decent in a year or two I would think. (We re-affirmed my van so we have those payments to help the score)

[StaciMM]

An 80/20 can be done to avoid the private mortgage insurance.

Find a broker to talk to-it can give you an idea of specific goals to work on. I can recommend one that I'm working with. He has been great with questions, etc. even though we really won't be a customer until summer. He is licensed in all states but ND, SD, MT, VA, NY, LA, TX, NV, & RI.

[bkfiler]

well keep on it and become the expert

nice baby pictures. my baby is cute too

[StaciMM]

Mine! She is my big girl, not your baby!

well keep on it and become the expert

nice baby pictures. my baby is cute too

[JeepMom]

You have a cute BABY


I cute BABIES

[JeepMom]

Damn that is really confusing with BK have ing staci's kid in an av.

[StaciMM]

That is his purpose. She isn't even a baby. She is a big girl.

Damn that is really confusing with BK have ing staci's kid in an av.

[bkfiler]

cant i be a proud daddy?

women alway going around complaining about how ther kids dad dont take interest in the kids and look what we got here... complaining none the less.

tisk tisk tisk on you both

[robivi3]

My scores are hovering in the 630-650 range. When i refi'd last year they were over 600. The broker was a man who handles nearly everyone where i work. I got 6.9 %, took out some equity, replaced everything with maytag, whirlpool gold water heater, and a Rheem High Efficiency AC (I only paid wholesale, friends in the AC business are a dime a dozen here and i have all theequipment so I did the install with a friend. The home has increased another 40,000.00 since, it's the South Florida market, so at this point i still have about 80,000.00 in equity. It is still going up here, Venezuelans are pouring in to Sunrise with bucks to burn, taking their hard earned assets from those who would sieze them. No PMI on my loan. You can refi or buy but your score will have to reach a little over 600. I know that down here twenty percent down is not necessary but you still need that for incidentals involved in a new home.

GMAC (Homecomings) is my Mortgage Co. A couple of minor issues so far, namely flood Insurance which i pay myself.

Once my property in Tennessee reaches the one year plateau in June I plan to start the house there. I'll let you know how financing goes on that, I plan to pay it off quickly, God Willing. At this point the BK is light years behind us. Jobwise I guess I've been fortunate, I'm not in the kind of job that is subject to layoffs or whims (you fire yourself, RARE). It is concrete and basically passed from generation to generation so that's not an issue and I started very young. A layoff would require 7 years full salary plus my pension so you all know i would welcome the deal. At present I'll retire with about 4000.00 in monthly benefit and have around 240,000.00 from the drop. my BK was related to a side business that we operated and of course it involved personal assets as well. I don't know the particulars of every situation, my job tends to make creditors easy to handle and when i bought my Truck the sales manager at the GMC dealer actually hugged me when i told him my employment situation. That and my rating at the time made it a sign and drive deal. Doubt it would today, though, we'll see.

It's hard to fathom some of the equity issues I read about in here because of our market down here. The new Condos (Artesia) they are building a quarter mile from us at Sawgrass Mills are now at 350,000.00 for the 1256 sqaure foot unit with a 709.00 a month maintenance fee. Ridiculous, but selling.