you don't need to use a bank to get a mortgage

[calgirl67]

If you really want to buy again you can use hard money lenders. I've been looking into them for a while now. They want some down payment though. This one says they only want 15% down/collateral for a mortgage if you have had a BK or foreclosure.

[removed URL]

The interest is around 10% but it can get you into your next home real fast then you can refi into a traditional loan later.

[HHM]

We know this, but it is a bad idea.

That phrase "you can always refi later" is what CAUSED the housing bubble that blew up. Also, keep in mind, hard money lenders do not report to credit reporting agencies, so you don't get any credit rebuilding affect. Also, you need to look out for pre-payment penalties.

Home prices are not going up any time soon. No point is making a BAD deal now in the "hope" that rates will still be low.

In no way does it make sense to get mixed up with hard money lenders now, to buy a house. For most people, post BK, you are much better off renting and buying when you are "ready".

[NanaOf11]

If you really want to buy again you can use hard money lenders. I've been looking into them for a while now. They want some down payment though. This one says they only want 15% down/collateral for a mortgage if you have had a BK or foreclosure.

[removed URL]

The interest is around 10% but it can get you into your next home real fast then you can refi into a traditional loan later.

Could you kindly email me that link? my email is (removed by moderator) thanks

[Logan]

Not a good idea. I used to work for a hard money lender. I did a couple hard money loans but mostly stayed away from them because they are mostly for desperate people and they weren't the clientele I was looking for.

You (we) are not desperate, you just want to buy a home. You're much better waiting your 2 or 3 years and buying a home when you qualify for a mortgage with a traditional lender.

Also, a hard money lenders appraisal will be much tougher than a traditional lender...

Logan

[AlbanyMan]

Here is another idea taken from the great Carlton Sheets, How about asking the seller to hold a mortgage, short or long term, or Lease Options. I know most realitors hate presenting offers like this. They are concerned with getting the commision, so you will have to offer to pay the commision. Also there are many FISBOS out there, who may be willing to hold a first and or second. I bouht my first house this way. The seller agreed to holf the mortgage @6% with a 10k downpayment, which he allowed me to pay in installments of 6k down and 4k baloon in 18 months. We amoritorized the mortgage over 30 years, and he then sold the mortgage to Associates Financial once he received the baloon payment. He even offered us the discount to buy him out for what Assocaites was paying him, but we did not have the ability yet to get a real mortgage. Just something to consider.

[calgirl67]

Yes that is definitely another good idea. We are right now in negotiations with a seller to buy there house on a lease option for 3 years. They are not in the position to carry the mortgage because they have a non-assumable VA loan but the possibility still exists to find a private lender ie: an individual with a ton of cash in IRA's or CD's who is right now only making 1-2% interest off of them. If they want to carry a private mortgage with you they could charge 6-8% and have the note to the house.

They are out there.