Wow,
It's really hard to imagine where we came from in November of 2007 to this point. We were drowning in debt, afraid and consumed with our financial burdens.
We filed our BK in 4/08 and were discharged 7/08. We also let our home go back in forclosure as well. It was not an FHA loan.
We moved to an apartment in 3/08 and have worked hard to clean up our credit scores, limit our credit usage and began the "impossible" process of obtaining a loan for a home mortgage. I made dozens of phone calls, to multiple brokers and mortgage companies. I was turned away what seemed like a million times. I got into contact with our local USDA office and was referred to a local broker known as a "fighter" for those with special financial circumstances. This was in May of 2009.
Since that time we have had to provide every piece of paper we own regarding our financial picture, letters of explanation, bank statements, tax records, and even documentation that we do not owe any medical bills. Our loan was initally denied by underwriting who said that they wanted our Medicaid approval to come through for our children before they would consider approving our loan...it came through the very next day.
All in all, it has been an amazing experience. Finding the right broker has been the key to our success. He's a wonderful guy who has gone to bat for us more than once to help us secure our mortgage.
We have been approved for a USDA home loan at 5.5%, zero down, no PMI insurance. We are closing December 1, 2009.
I just wanted to share our success with the rest of you and encourage you to keep your dream alive. Don't take no for an answer...move on and find someone who CAN and WILL help you. Your work in rising from the ashes of bankruptcy is pivitol as well. A credit score of 620 or more is required, good work history, solid savings patterns, low debt/income ratios, on time payments of rent and other debts...etc.
If you're serious, and determined..it can be done.
We were approved 15 months after our BK discharge when everyone else said it would be impossible until 3 - 5 years from now.
Blessings,
The Broke Couple - Indiana
10/2007 - Our "oh crap" moment
4/2008 - Filed Chapter 7 BK
7/2008 - Discharge
11/2009 - Approved for USDA home loan! - Set to close 12/09
It's really hard to imagine where we came from in November of 2007 to this point. We were drowning in debt, afraid and consumed with our financial burdens.
We filed our BK in 4/08 and were discharged 7/08. We also let our home go back in forclosure as well. It was not an FHA loan.
We moved to an apartment in 3/08 and have worked hard to clean up our credit scores, limit our credit usage and began the "impossible" process of obtaining a loan for a home mortgage. I made dozens of phone calls, to multiple brokers and mortgage companies. I was turned away what seemed like a million times. I got into contact with our local USDA office and was referred to a local broker known as a "fighter" for those with special financial circumstances. This was in May of 2009.
Since that time we have had to provide every piece of paper we own regarding our financial picture, letters of explanation, bank statements, tax records, and even documentation that we do not owe any medical bills. Our loan was initally denied by underwriting who said that they wanted our Medicaid approval to come through for our children before they would consider approving our loan...it came through the very next day.
All in all, it has been an amazing experience. Finding the right broker has been the key to our success. He's a wonderful guy who has gone to bat for us more than once to help us secure our mortgage.
We have been approved for a USDA home loan at 5.5%, zero down, no PMI insurance. We are closing December 1, 2009.
I just wanted to share our success with the rest of you and encourage you to keep your dream alive. Don't take no for an answer...move on and find someone who CAN and WILL help you. Your work in rising from the ashes of bankruptcy is pivitol as well. A credit score of 620 or more is required, good work history, solid savings patterns, low debt/income ratios, on time payments of rent and other debts...etc.
If you're serious, and determined..it can be done.
We were approved 15 months after our BK discharge when everyone else said it would be impossible until 3 - 5 years from now.
Blessings,
The Broke Couple - Indiana
10/2007 - Our "oh crap" moment
4/2008 - Filed Chapter 7 BK
7/2008 - Discharge
11/2009 - Approved for USDA home loan! - Set to close 12/09
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