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    #1

    Purchasing a Home

    Hello,

    I am trying to purchase a home by the end of the year. My bankruptcy will be 2 years old in September of this year. I have got 3 credit cards which I pay in full every month. What is the best loan to apply for? What are my chances of obtaining a mortgage? Any other suggestion or knowledge is welcomed as well.
    Filed 06/01/2008
    Court Date 07/24/2008
    Discharged 09/25/2008
    Tags: None
    #2
    Tell us a little bit about your bankruptcy. Did you give up a house? Do you have money to put down. Are you trying for FHA or conventional. How long have you been working etc. Do you know your current FICO?

    Comment

      #3
      Did you give up a house? No
      Do you have money to put down. $5000
      Are you trying for FHA or conventional. Unsure
      How long have you been working etc. 5 1/2 years same job
      Do you know your current FICO? I have no clue!
      Filed 06/01/2008
      Court Date 07/24/2008
      Discharged 09/25/2008

      Comment

        #4
        From what you said you should be able to get FHA is all other factors are ok. Meaning the house is under the FHA amount for your area and they require 3.5% down payment and they also require a certain DTI. If you meet those factors then you will most likely be ok for FHA.

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          #5
          FHA or VA if you or spouse are vets. As long as your DTI is not over 49 you should be okay. Course that could be lower now it has been a while since I have done loans.

          Comment

            #6
            A mortgage broker friend of ours is telling us that she is seeing people turned down with less than 4 years out from a BK, however I don't know if she was including FHA/VA loans into that or not. Best bet, find a lender or broker to ask. They don't necessarily need to pull your CR to get a general idea of where you stand, but I would definitely take a look at it yourself at least 3 months prior to actually applying for a loan.
            Chapter 7 Filed 1/4/11
            Discharged No-asset 4/1/11
            And definitely NOT an attorney.

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              #7
              A private lender is going to be much more difficult. However, with a 15%+ down payment and good credit since the BK and good income it would be much easier.

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                #8
                What is DTI?
                Filed 06/01/2008
                Court Date 07/24/2008
                Discharged 09/25/2008

                Comment

                  #9
                  DTI is Debt-to-Income.

                  You should qualify for FHA. For a first time buyer, it's one of the better loan programs out there. I agree with the others. You should call around and ask.
                  Bankruptcy History:
                  Chapter 7 filed - 10/12/2005 - Asset
                  Discharged - 02/16/2006
                  Case Closed - 11/08/2007

                  A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

                  All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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