Loan Requirements For 100% Home Finacing After Bk

[aa06a47]

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.

[Pumpkin729]

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.

aa06a47,

Was this mesage for me???

[RCAGREEN]

Hello,

I Was Wondering If There Is Any Possible Way For My Husband And I To Be Financed Two From Being Discharged. Our Main Goal Is To Buy A House And If Some One Could Point Me In The Right Direction That Would Be Great. Where We Live Property Value Is Getting Ready To Start Booming In The Next Year And We Want To Buy Now So We Can Get It Well It's Still Cheap. Some Help On This Would Be Great!!!!!
Thank You

[MTG_BANKER_OH]

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.

The only problem with lending tree is all they do is sell your information to 4 brokers or banks. You are better off working with a reputable lender that someone else you know with referred you to. You should check with your family and friends first before going to lending tree to see if someone else can refer you someone. It costs lenders 20k to get signed up with lending tree so they are going to make their money back one way or another. Another problem is when you apply with many lenders is someone will tell whatever you want to hear to get you to commit to them and then change it later after you have stopped talking with the other lenders. I know this is not true in all situations this is just my experience with sites with lending tree.

[Pumpkin729]

What's your opinion on this?

Lease with Option

(Name of Company removed from below replaced with XXXX) Didn't know the law on copy & pasting this from another site.

OPTION TO TENANT XXXXX Home Sales specializes in helping families attain the dream of homeownership by providing affordable, high quality homes of enduring value. We not only provide our customers with a variety of financing opportunities, but we also have an alternative method to help those with credit challenges reach their homeownership goals. The Lease with Option requires a minimum deposit of $5,000.00. A $1000.00 deposit is needed to take a house off the market. The balance of is due prior to move in. We do some limited background checks, but basically anyone can qualify for a home under this program. Part of your deposit is used as a purchase option fee and up to $2,500 can be used as additional purchase option fee or can be used to subsidize your first year payments reducing them by $208.33 per month. When you decide to purchase the home, the total deposit is applied to the purchase price of the home unless you used $2500 toward a payment subsidy. Then only the remaining balance of your option money will be applied to the purchase of the home. $5,000 Option for a new home!! Under this five-year program, your low monthly payment will remain the same for the first 12 months. After this period, you will have the option to purchase the home. If you are not able to purchase the home at this time, your unsubsidized monthly payment as well as the purchase price will only increase by 10 percent each 12 months through the remaining term of the contract and Lease. You may exercise your option to purchase at anytime beyond the first 12 month period. While there may be credit issues that prevent one from qualifying for a mortgage, under our Lease to Purchase Program, everyone qualifies! With payments the same or even less than conventional loans, this program provides a great opportunity to reach the dream of homeownership. Ownership: We have a pool of investors that will carry the title to these properties until you have arranged your own financing and exercise you right to Purchase. Getting Started: A Sales Representative will provide you a list of available homes and an application to those interested in the program. If no homes are currently available a Sales Representative will help you locate a lot, pick the model you want to built and assist you in color selection. Remember that the ONLY requirement for this program is a minimum $5,000 down payment. Once you decide you are interested in the program you will need to complete the application and pay a $50 non-refundable application fee, a copy of your driver's license, the fee and the application. The purpose of the application and credit report is to learn basic facts about you. But Credit is not a decisive factor in the Lease with Option program. Selecting a House: The homes you have to choose from are brand new (in nearly all cases) and have never been lived in. We have a wide variety of homes offering diverse floor plans and color schemes in several neighborhoods throughout Central XXXX. The homes are equipped with the same features and amenities as our standard models. For more information on homes or communities, please refer to our website. Once you select a house, a $1000 non refundable deposit is required to remove it from the market or begin the building process you may pick out the model you desire, lot location and all colors. Move-in: Approximately 30 days before closing; you will receive a move-in letter. The letter will indicate date of move in, payment of the remaining deposit and any other details that have not been previously addressed. We will then prepare the contract and forward it to your Sales Representative for presentation to you and to obtain your signatures for move-in day. Note that the move in date depends upon the status of the house. If the house is under construction, time must be allowed for completion of the house and then the initial closing between XXXX Home Sales and the Investor. If the house is complete and already owned by the Investor, move in can be expedited based upon your needs. Down Payment: The down payment required is a minimum of $5,000. The more you put down the more equity you are gaining in your home as all of the Option money is applied to the purchase price unless you the $2500 lease subsidy. Changes to the House: After you have signed the contract and moved into the home, you are permitted to make changes to the house and to the property as long as the changes are within code and do not require a permit. Structural / permanent changes which require a permit will require the approval of the Investor. As long as the changes are an improvement to the property, the changes are typically approved, i.e. a fence or a pool. Financing: You may elect to purchase / finance the house into your name from the investor after 12 months given you are not in default of the terms of the Option or Rental Agreement. The only requirement is that you are capable of receiving a mortgage commitment. When you elect to purchase the home option fee is applied to the purchase price of the home given that all terms of the Option and Lease has been met.

[edwards2]

Just read all the posts about refinancing and Countrywide. Sorry all you guys had problems with them. We didnt. Our interest rate was 6 3/4% and the customer service people we talked to were all very nice and in fact, I called one recently about refinancing and he was very helpful. Guess we got lucky. Given all of this, is there any company out there who would give us a loan to do some major siding work on our house? Problem is we dont have a lot of equity...would appreciate any help...thanks.

[MTG_BANKER_OH]

your best bet is to call the contractors and see if they have any financing options for you that do not require to use your home as equity. What are your scores and how much equity is in your home? You may be able to get a second mortgage.

[Pumpkin729]

What the difference?

Can someone please tell me what is the difference between a manufactured home and a mobile home?? Thanks

[MTG_BANKER_OH]

You may be referring to Modular and Manufactured homes.

Modular homes are borught to the homesite in several pieces and look like a regular home when completed. When completed they are treated as a regular stick built home and they can not be disassembled once set on the foundation. This type of home is open to all types of financing.

Manufactured homes are considered doublewides or singlewides. They are brough to the homesite in one or two pieces with an axle attached and then pieced together at the homesite. The main distinction is Manufactured homes have a steel undercarrige to which the axle is attached and then removed once the home is set. Singlewide financing is very difficult and may be treated as a car loan or mobile home loan.

Doublewide financing can be attained but is difficult as well. Your best bet is an FHA loan for a doublewide home with minimal down or nothing down. There are some stipulations though. It has to be titled as realestate, you will have to get an engineering inspection to make sure the home is set correctly and it can not be built before 1976. If any of these You can obtain conventional financing for a doublewide but you have to have 5% down and good credit. Many lenders have had loan defauly issues with these types of homes so financing is very tough but it can be done.

[Samantha]

You can get approve for a home loan while in bankrupcy chapter 7 or chapter 13. I am a mortgage broker and most of my clients are currently in chapter 7 or 13 and i got them approve for a home loan refinance even if your credit score is below 500 you can still refinance your home. you can even refinance out of the bankrupcy or foreclosure. Please let me know if any one have any questions or concerns I am happy to answer any questions.


Latoya Calder

[bellagad]

how is it possible to get a loan with 500 score. i see a lot of mortgage brokers saying that then i call them and they push you off. if there is a secret i would love to know what it is

[xapooh]

Do your research on these companies offering a home loan w/ a 500 score. Yes it's no down payment, no closing cost, etc but they eat you alive with high interest rates (8% and higher) plus on 100% financing you must obtain PMI which is interest payments on the money the bank lends you so they won't be out of anything if you lose the home. That comes to about $100-$300 added to the monthly payment of your home. If you just really need a home, then yes try it. If not, wait it out a year and try. In my experience some brokers do push you off because they are in the business of making money and if they will not benefit with you coming in, you may get pushed to the side. NO OFFENCE TO ANY BROKERS!!!! My closest friend who is doing my home loan is a mortgage broker. My advice is to find a mortgage broker that will shop your loan for you. Then they come back and give you the best rates possible. My broker shops with 45 different lenders. In the state of MS, I am 1 year post BK7 doing a USDA Rural loan with an interest rate in the low 6%. I am having a house built in a new subdivision and it was well worth everything that I have been through. So it is possible it may just take time.

[MTG_BANKER_OH]

how is it possible to get a loan with 500 score. i see a lot of mortgage brokers saying that then i call them and they push you off. if there is a secret i would love to know what it is

You can get a loan with a 500 score but you will probably need money down like 15% to 20 %. You generally need about a 560 score to go 100% with no BK, the rates are in the 10's%. Just getting out of a Bk you need 580 to go 100% rates are in the 8's to 9's. Your best bet is to look at your credit and see where you can make improvements and then try at a later time. The rates on some of these loans are so high you are better off trying to get your credit up first before paying 10%, you may be setting yourself up for failure. What is your scenario?

[reads4work]

I'm Pumped



My bankruptcy was discharged in March of 2005. Like many, I thought I'd have to wait two years, and thought I'd have to come up with 20% down. I did keep my car, and also got two credit cards shortly after the bankruptcy. Ten months after the discharge I checked my FICO and it was 641. Four months later it is 674. I applied for a home loan through a broker in Jersey, and got a 30 year fixed rate of 6.875 with 2 1/2% down (FHA). It's only been 14 months. There were other programs with zero down, but I am gladly paying a small down to get that rate. Six months from now the car will be paid off, and the ex as well.

The best thing of all is that the house I am getting is like a dream for me. I knew it when I walked through the front door. I actually began shaking. Oversized flat lot, huge deck, fireplace, looking out at the mountains . . .well taken care of home, with virtually no work to do on the house other than to fill it with furniture.

[FilingOnMyOwn]

You can obtain a zero down mortgage one day after Chapter 7 given you have a middle score of 580. This is obtainable if you restablish credit just after the discharge. Which is very important to do if you want to get your scores back in line quickly. A $300 credit card or secured card works wonders right after CH 7 to get your scores up quickly. you have to make sure y ou keep your balance to below 50% of the credit limit it is best if you can keep it to below 30% of the limit.

Another thing to look for just out of a chapter 7 is to make sure your accounts are reporting correctly and not still reporting late after the discharge of the BK. If they are still reporting late after the BK they are in violation of the Fair Credit Reporting Act and it is fairly easy to get the accounts delted once you have them in violation. There are form letters here and on other websites that can help you out with this.

One can obtain a mortgage or a refinance while in chapter 13 with the BK courts approval. FHA is the best route if you have 12 months of chapter 13 pay history. You can obtain a good rate low 6's currently as long as you have a good pay history in a chapter 13.

Nick, would a loan like this or similar be obtainable for a property that I would rent out, and not live in as my primary residence? I'm in florida if it matters.