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can I buy a home.

On 1/15/2013 I will make two years of my bankrupcy and foreclosure due to a bad marriage. Since than I have been working to improve on my credit score and it has improve to a 711. I know the bankrupcy and foreclosure is a mark that is against me, and the bad marraige has cause a bad thing for me, however it was in the best of my interest to file for bankrupcy and foreclosure. I have never had bad credit until I got married and its water under the bridge. The market is low and so is the jinterest rates. I also have someone in my life that is honest, she has a home in Kapolei and her daughter lives there and paying the mortgage and a home in leilani estates with no mortgage. Her credit score is not great but with our combine infor and income, could we qualify for a mortgage. by VERNON COLON from Hilo, Hawaii. Jul 5th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

If she does not have a mortgage on the other properties, she can be credited with rental income. That + earned income could be enough for her to qualify on the new purchase. Contact your local lender and have them run all the numbers for you. Best of luck!

Jul 5th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The waiting period for a foreclosure is 3 years for FHA, 2 years VA (you must be a Veteran of our military), and 3 to 7 years for USDA and conventional. So your answer is no.. You cannot qualify right now.. Keep in mind that these time frames are based on the day the property was transferred out of your name. If you "turned over" the property back to the bank, but the bank didn't actually foreclose until a year later, then the clocks start ticking a year later.. if your friend has sufficient income and credit, then they can purchase another home, but she would have to qualify on her own, without counting on your income... if you want to know for sure, you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 5th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

To obtain a traditional mortgage, probably not until you complete three full years from the date the foreclosure deed was recorded. If you have 40% of the purchase price to put down, it is possible to find a private or hard money lender that will lend to you now, but they are expensive. You will want to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. They will be able to review your exact situation and maybe determine that her credit isn't as bad as you think, or is easily correctable. Good luck to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 6th 2012
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Chris Mylin (chrism_408_673)
#57 ranked lender in Ohio - 32 contributions

Unfortunately you will have to wait until you hit the 2 year mark. Congrats on getting your score up and once you have past 2 years you should be able to get something.

Jul 5th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Just to clarify.. the mandatory waiting period for a BK is 2 years, however because there was a home foreclosure involved, the waiting periods I previously stated above will apply.. Even if the home was turned back to the lender in the BK.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 5th 2012
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Robert Le (robert_le)
#619 ranked lender in California - 36 contributions

you have to wait for 3 years.

Jul 5th 2012
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Kiyoshi Inui (Kiyoshi)
#535 ranked lender in California - 109 contributions

I have any, and every financial service option available. Feel free to contact me anytime to brainstorm over what options you have to better your financial situation. Kiyoshi Toll free: 866-972-3163

Jul 5th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

William gave youa good answer. You will not qualify at the moment.

Jul 5th 2012
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