Loan Requirements For 100% Home Finacing After Bk

[MTG_BANKER_OH]

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.

If you have just gotten out of BK you are going to need money down for an investment property. at least 10% down. What did you have in mind? What are the particulars of the property you are looking at? (price, location, etc.)

[FilingOnMyOwn]

If you have just gotten out of BK you are going to need money down for an investment property. at least 10% down. What did you have in mind? What are the particulars of the property you are looking at? (price, location, etc.)

Its 42k, 3 bed 1 bath, not sure of sf, on the southside of Jacksonville, FL. Rents in the area start between 500-700. I'd be initially looking to rent it out for $575, and go up from there.

[Roadrunner]

Several years ago, I talked to a company about doing a mortgage and I think my score was low 500's at the time. Don't know for sure but it was BADDDD! The rate would have been high, and I would have needed cash to pay off several things that were outstanding on my credit report. (Not unreasonable, just not something I was able to do.)

If you are willing to pay a high enough rate, and you have stable employment, you can probably find someone willing to lend. You might have to give up your firstborn though...

[tinroofrusted]

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.

I disagree.

The National Borrower's Bill of Rights guarantees consumers the right to shop around for the best rate. Lending Tree offers this and more. The creditors KNOW that you are shoping, and therefore, if they aren't honest, and aren't upfront, they know darn well that you will go to someone else who will be honest, and will be upfront. Going to a local mortgage broker, bank, or mortgage company you may or may not strike it good, and you may get someone out to take you for all your worth. I have seen this first hand, and it isn't pleasant. People will do anything to make a buck off of you.

I recommend LendingTree.com over a mortgage broker any day.

[MTG_BANKER_OH]

I disagree.

The National Borrower's Bill of Rights guarantees consumers the right to shop around for the best rate. Lending Tree offers this and more. The creditors KNOW that you are shoping, and therefore, if they aren't honest, and aren't upfront, they know darn well that you will go to someone else who will be honest, and will be upfront. Going to a local mortgage broker, bank, or mortgage company you may or may not strike it good, and you may get someone out to take you for all your worth. I have seen this first hand, and it isn't pleasant. People will do anything to make a buck off of you.

I recommend LendingTree.com over a mortgage broker any day.

It all depends on the character of the person you work with and their integrity. You have to understand lending tree is a mixture of banks and brokers, it costs $20k to get signed up with them. Do you think someone that will pay $20k just to get leads from lendinngtree.com is not looking to make their money back. They know you are shopping and like I have said someone will say anyting to get you to go with them, if they stick to what the originally say then that is good. I am sorry that you had a bad experience of working in the mortgage industry that is not indicitative of how many commpanies do business. Unfortunately there are many people who are not out for the best interest of their client. With the way the market has been the past few years there have been many fly by night comapnies and many shady individuals have gotten back into the business thinking they can make a quick buck. Always do research on the comapny you are working with ,check the better business bureau and check your state licensing information. I would not work with anyone who has not been in the business for a while. When I started out I was involved with other sites like lending tree and people on there would lie to get the deal even though I told them what they were offered does not exist and is not possible, but once y ou get close to closing on your new home and your deal suddenly changes you do not have many choices because you have to close many people will still take the deal, and not go back to whoever told them they were being lied to. I think your best source is to go from a referral from someone that has worked with this lender a friend, family member, etc.

[FilingOnMyOwn]

It all depends on the character of the person you work with and their integrity. You have to understand lending tree is a mixture of banks and brokers, it costs $20k to get signed up with them. Do you think someone that will pay $20k just to get leads from lendinngtree.com is not looking to make their money back. They know you are shopping and like I have said someone will say anyting to get you to go with them, if they stick to what the originally say then that is good. I am sorry that you had a bad experience of working in the mortgage industry that is not indicitative of how many commpanies do business. Unfortunately there are many people who are not out for the best interest of their client. With the way the market has been the past few years there have been many fly by night comapnies and many shady individuals have gotten back into the business thinking they can make a quick buck. Always do research on the comapny you are working with ,check the better business bureau and check your state licensing information. I would not work with anyone who has not been in the business for a while. When I started out I was involved with other sites like lending tree and people on there would lie to get the deal even though I told them what they were offered does not exist and is not possible, but once y ou get close to closing on your new home and your deal suddenly changes you do not have many choices because you have to close many people will still take the deal, and not go back to whoever told them they were being lied to. I think your best source is to go from a referral from someone that has worked with this lender a friend, family member, etc.

Finer words were never spoken. Nick, thank you for visiting this website.