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I had a bankruptcy 2 years ago and want to buy a house now, will I be stuck with a high interest subprime loan?

by waverider400@yaho... from Glendale, California. Apr 4th 2014 Reply


Stacey Nielsen (Unitywestlending)
#910 ranked lender in California - 123 contributions

Will you be using an FHA or VA Loan to Purchase your home?

Apr 4th 2014
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Chris Gummerson (cgummerson11)
#393 ranked lender in California - 648 contributions

You can do FHA. Rates are similar to conventional, but the downside is you have mortgage insurance to pay. On the other hand, if you had to wait another 2 years, property values may be higher and you may end up paying the same mortgage payment then on conventional as you could now on FHA.

Apr 4th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

FHA or VA will be your options.

Apr 5th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

You will need to get a referral to an experienced LOCAL LENDER to discuss your options. It is possible to finance two years out of Bankruptcy, but there are specific criteria you will have to meet. I would suggest getting a referral from an experienced REALTOR that you would likely be using to purchase a new home.

Apr 5th 2014
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Robert Hanson (rhanson)
#39 ranked lender in Maryland - 646 contributions

Hello, I can finance VA 2 years out of bankruptcy and FHA one year out of bankruptcy if the reason for the bankruptcy was income loss out of your control. Please make sure that you speak with an experienced lender who will lay out various options and intelligently discuss the pros and cons of each with you. Your pre-approval should reflect in writing that all financial documents have been reviewed. This will make for less stress and potential issues during the process as well as make it more likely for a seller to accept your offer on the home you want. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Apr 7th 2014
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