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Found the dream, but how to get it

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    #1

    Found the dream, but how to get it

    Found the dream home for a great price (below apprasial), and it will be gone soon. Seller will pay closing.
    But....
    i am a couple months shy of 2 yrs post, chapter 7. Dis 7/08
    i have great credit, nothing negetive before or after bk. 655 score.
    i also have a a grandparent who will help anyway needed. They are also a vet.
    i have almost no down payment money.
    was hoping to use tax credit as down payment.

    I have try to find someone who would overlook being 3 months shy of 2yrs. I tried to see about grand getting a loan only in his name, but since it wouldnt be his primary, that means no tax credit and no VA loan. I am also told he cant co sign because everyone has to qualify.

    Please if someone has some info to help me!!!!!!!! Ideas/options/banks/programs
    I want this house.

    I only filed bk against my closed business so i couldnt get sued for leftover lease. ($250000)
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    #2
    Never really understood why a 30 year mortgage is a "DREAM"

    In any event, all you can do is start talking to mortgage brokers. Probably avoid going to banks directly unless you are a member of a credit union. The 2 year rule is subject to special circumstances. With how long it takes to close a home these days, by the time you actually get to closing, the 3 months will have passed anyway

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      #3
      The dream is the home not the mortgage.

      You are probly right about the closing, but need the pre-approval to submit offer on home. Also need to close by june too.

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        #4
        With extenuating circumstances you can do an FHA after a year. I suggest getting out a pen and paper and coming up with your sob story. Then find a broker that specializes in FHA loans and has experience with BK cases.
        New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

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          #5
          I have looked into that but i cant find any broker with that experience, of course my bk is due to a partnership in a resturant that went under and the lease company was gonna sue me for 250k. So i filed just to prevent the lawsuit. I dont really know if that will qualify as extenuating circumstance.

          Please if anyone knows of a broker that has experience with this, give me there number!!!!

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