I want to buy a house... then make it a home..

[SunshineGal]

I don't want to rain on your parade and I'm NOT saying it can't be done, but tread careful. You've already been through a lot with the BK, I would hate to see you get your heart broke with the house.

There are a few issues here. One, although FHA allows current Chapter 13s, chances are, most lenders will not. Also, a 203(k) loan is filled with pittfalls. Although this loan can probably be done, it won't be an easy task. Use a very experienced loan officer who has closed loans just like yours, preferably, one who works for a direct bank that offers the guidelines you need. As for standard FHA, I don't think your property is going to make the cut. (they are very picky!)

Good luck and I'll keep my fingers crossed for you!

[tobee43]

well i think we all have to give ourselves something to work towards...

we are in an economical world wind that needs to stop and move forward at some point...

some can continue to see the cup half empty and others will always see it as half full. while we all need to plan carefully and proceed cautiously through out our continued journey's we need to keep our perspectives positive and push on. we can't stop dreaming for a better future.

maybe i'm still a day dreamer...but i believe that you can accomplish most anything you put your heart into...and whether that's starting your life fresh and new with new hopes and aspirations of a better future then so be it.

you can get a mortgage and you will....maybe NOT today...but it will happen and you will have your home for your children. i know it.

[CoBelle]

Well it sure never hurts to try...and to try again and to be persistant. Even good deal homes aren't moving...and i think a bank might be more interested in your buying it than having an investor buy it. So forge ahead!!!!!

I can vouch for the fact that you don't need much actual knowledge to rebuild a house....just a willingness to learn. I built my first house when I was preggers and didn't want to live in a condo with a baby. I learned how to do a little bit of everything andbuilt 4 other homes afterward. The first home cost me about $115k and I sold it for $650k. Second was a VA repo: bought $17k and ex snaked it away from me or I would have sold it for $300k. Trying my best to keep this house so i can do my magic and sell it for a goodly amount and then downsize.

BUT, if i can't I'll be talking to the Florida poster and looking for a house with a pool!

They can't take your dreams away unless you let them........Best of luck and don't give up!!!!!!!

[NowImDownInIt]

I don't want to rain on your parade and I'm NOT saying it can't be done, but tread careful. You've already been through a lot with the BK, I would hate to see you get your heart broke with the house.

There are a few issues here. One, although FHA allows current Chapter 13s, chances are, most lenders will not. Also, a 203(k) loan is filled with pittfalls. Although this loan can probably be done, it won't be an easy task. Use a very experienced loan officer who has closed loans just like yours, preferably, one who works for a direct bank that offers the guidelines you need. As for standard FHA, I don't think your property is going to make the cut. (they are very picky!)

Good luck and I'll keep my fingers crossed for you!

Thank you for the advice! I texted my mortgage broker friend (who once specialized in "sub-prime" mortgages but it's a faux pas to claim that title now) after getting all excited about it yesterday. I started the convo with, "How much experience do you have with securing FHA for people in ch 13." Her reply was simply, "a lot." She went on to say that she is closing a couple in a neighboring county next Tuesday.

This gives me hope.

I read all about the 203k and standard guidelines yesterday. I agree that the house would not be eligible for a standard FHA loan, but I think the 203k is feasible.

[tobee43]

Well it sure never hurts to try...and to try again and to be persistant. Even good deal homes aren't moving...and i think a bank might be more interested in your buying it than having an investor buy it. So forge ahead!!!!!

I can vouch for the fact that you don't need much actual knowledge to rebuild a house....just a willingness to learn. I built my first house when I was preggers and didn't want to live in a condo with a baby. I learned how to do a little bit of everything andbuilt 4 other homes afterward. The first home cost me about $115k and I sold it for $650k. Second was a VA repo: bought $17k and ex snaked it away from me or I would have sold it for $300k. Trying my best to keep this house so i can do my magic and sell it for a goodly amount and then downsize.

BUT, if i can't I'll be talking to the Florida poster and looking for a house with a pool!

They can't take your dreams away unless you let them........Best of luck and don't give up!!!!!!!

we r in florida with a pool...

[tobee43]

Thank you for the advice! I texted my mortgage broker friend (who once specialized in "sub-prime" mortgages but it's a faux pas to claim that title now) after getting all excited about it yesterday. I started the convo with, "How much experience do you have with securing FHA for people in ch 13." Her reply was simply, "a lot." She went on to say that she is closing a couple in a neighboring county next Tuesday.

This gives me hope.

I read all about the 203k and standard guidelines yesterday. I agree that the house would not be eligible for a standard FHA loan, but I think the 203k is feasible.

hope....you got this...in your pocket. like i said it most likely will not be easy...but either is getting the honey from the hive...

[SunshineGal]

I texted my mortgage broker friend (who once specialized in "sub-prime" mortgages but it's a faux pas to claim that title now) after getting all excited about it yesterday. I started the convo with, "How much experience do you have with securing FHA for people in ch 13." Her reply was simply, "a lot." This gives me hope.

Excellent! And you're not kidding about the sub-prime, that industry has been decimated by the new lending laws. It's kind of sad because there really was a benefit to sub-prime for those who couldn't qualify for traditional lending.