Who will Lend to me?

[Scooter10]

Who will lend to me? There has to be someone!! Any ideas?

15% cash down
10 DTI ratio
100K annual income
have 20K in reverves from 401k
chp 7 discharge 4/08

Thank you,
Scooter10

[StartingOver08]

You can get private financing, seller financing, all day long with those qualifications. (Assuming you are looking at real estate). You just have limited inventory because not a large percentage of owners that have their homes/properties paid in full have their homes currently on the market. However, it is certainly possible. You may have to structure in a greater downpayment - there are ways to do that ...

The other source is a hard money loan that I do NOT recommend as it is high interest rate and a balloon note and gets you into more trouble, which none of us need.

[Logan]

Scooter10,

You need to call some brokers and find one that thinks they can get it done. Make sure they only charge for a credit report up front.

The biggest factor is your low DTI and you know your biggest liability.
I'm in a similar situation but waiting for now.

Good luck,

Logan

[movingon]

Same boat...my two year mark is October. I'm renting now but its kind of a bummer seeing these great rates but knowing I can't jump on them. No matter what I read, it always "2 years after BK has been discharged". WHo knows what rates will be like then, but must be patient. Good luck!!!

[gophermn]

Same boat...my two year mark is October.

Hey what is considered the TWO YEAR MARK? From the date you filed or date of discharge?

[woohoogirl]

Hey what is considered the TWO YEAR MARK? From the date you filed or date of discharge?

I was wondering the same thing

[DisneyGirl]

Hey what is considered the TWO YEAR MARK? From the date you filed or date of discharge?

The date discharged.

[freshstart10]

hey waiting two years to buy from now may be a good thing. im in the same boat. hopefully the values of homes will keep falling and in 2 years prices of homes will be reasonable again. my goal for the next 2 years is just to save up as much as possible for huge down payment.

[HHM]

Yeah, I don't see the housing market turning around in the near future, I had thought about looking at the start of the 2nd quarter of this year, but now I am think probably the 4th quarter of 09.

In many areas, housing prices are still just too high. Too many people holding on to the HOPE that some sucker will come along and buy their house for what they owe.