I need a mortgage

[stressed07]

Credit score of 602. Bankruptcy discharged in August 07. I need to purchase a home and need a mortgage any suggestions of places where I can get one. I make $52,000 a year so i can afford a mortgage. Paying rent right now of $1200 a month. I need a mortgage for $145,000. PLease help

[BassBoy]

Not saying it can't be done, but the general rule of thumb is to wait 2 years post-discharge (3 years post-discharge with a foreclosure) in order to receive the best interest rates. You may get approved, but you may pay dearly for it in interest.

[HHM]

Do you have any money for a down payment?

When you factor in other costs of buying a house, your monthly payment is not going to "decrease" from what you pay in rent.

[Elf]

Persist.

There are no laws, just general trends. That means that there is a mortage out there. You just have to find it.

I managed to get a sub-prime mortgage BEFORE I had Chapter13 discharge papers in my hands. I was told taht I had to wait for two years. I didn't want to do that. I was in the new house two months before the discharge arrived.

It was a lot of work to find a lender, but I did that. The mortage was an adjustable 80/20. Who has a down payment after a BK? We re-fied the adjustable a year and a half out from discharge and got the best rates available on the mortage market.

What you have to locate is a broker type that really likes you, and believes that you're worth his or her effort. Go local so you have a face to work with on the project. Get pre-qualified. Then you have someone that made a semi-agreement with you. They are more likely to stick by you when it gets rough.


Be persistant. Just because the first six turn you down, doesn't mean that the 7th and 12th will do the same.

Then take the best deal. You'll have to suck up the bad rates for a year or two, but you're not throwing away your money on rent.

Look. Buying a house is a huge stressor. In your BK position, double the stress. If you're not up for the challenge, wait the normal two years. If you can handle the fire-- go for it. It won't be pretty, but it can be done.

Good Luck!
Elf

[HHM]

Persist.

There are no laws, just general trends. That means that there is a mortage out there. You just have to find it.

I managed to get a sub-prime mortgage BEFORE I had Chapter13 discharge papers in my hands. I was told taht I had to wait for two years. I didn't want to do that. I was in the new house two months before the discharge arrived.

It was a lot of work to find a lender, but I did that. The mortage was an adjustable 80/20. Who has a down payment after a BK? We re-fied the adjustable a year and a half out from discharge and got the best rates available on the mortgage market.

What you have to locate is a broker type that really likes you, and believes that you're worth his or her effort. Go local so you have a face to work with on the project. Get pre-qualified. Then you have someone that made a semi-agreement with you. They are more likely to stick by you when it gets rough.


Be persistant. Just because the first six turn you down, doesn't mean that the 7th and 12th will do the same.

Then take the best deal. You'll have to suck up the bad rates for a year or two, but you're not throwing away your money on rent.

Look. Buying a house is a huge stressor. In your BK position, double the stress. If you're not up for the challenge, wait the normal two years. If you can handle the fire-- go for it. It won't be pretty, but it can be done.

Good Luck!
Elf

LOL, but when 95%+ of your monthly mortgage payment goes to interest on a high rate, crappy mortgage, in a depreciating market, that is throwing money away as well

[CindyLou]

expect that if you can get in with little money down and his note is not more than rent then at least the interest and pmi is tax deductible....thats worth a lot to some....including me.

Its all about weighing the pros and cons and doing what comes out best in the end.

[ronydecosta]

sorry i have no any mortgage but i can share some point towards the mortgage,
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

[CarTho]

Well, have you ever tried that "Social Lending" thing? Potential lenders "bid" on a platform like ebay for you as a borrower. You say that you need $ 10,000 and they will start to lower the interest until last man standing.

[morallyBR2]

20% down will get you any mortgage for any house you want regardless of credit situation.

I'm a pimp named Mr.Thompson and I approved this message.

[Flamingo]

Your credit score of 602 is going to work against you. Right now it is very difficult to get a mortgage with even folks with excellent credit being put through the ringer. Mortgagors are being extremely picky. I suggest that unless there is an "urgent" need as to your "needing" a house right now, to wait until the economy improves and your score rises to the upper 600's. Your changes of a lower rate and getting approved will be much better at that time.