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looking for home loan after a bankrupcty. discharged in may of 2012

by lonnie_481_565 from Neenah, Wisconsin. Sep 5th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Not likely...Seriously, how many lenders out there do you think are ready to provide a home loan to someone who is 3 months out of BR? You are probably at least 2 years away.

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

Lenders are looking at risk. In the lending world, someone that files Bankruptcy (BK), is deemed a risk. Why? Because the creditors you had when you filed lost money on you. Before a Mortgage lender is willing to stick its neck out on you, you are going to have to prove you are credit worthy again. This is why you need at least 2 full years of history since the BK, and have re-established your credit. The other option is to put down so much cash into the transaction that an investor knows you are going to perform because you have too much to lose. 40% down and a 12% rate and the investor will actually hop you miss a payment so he can take the property back. Your best option is to start working on repairing your credit so that in two years you are credit eligible. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 5th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

FHA waiting period after a BK is 2 years.. If there was a home involved in the BK, and it was foreclosed or turned back to the lender, then the waiting period is 3 years from the DATE THE PROPERTY WAS TRANSFERED OUT OF YOUR NAME.. People get confused about this all the time, but the clock doesn't start until the properly is no longer in your name regardless of when you gave it back or moved out.. You still need to have sufficient credit scores.. 640 or above for most lenders.. and you also have to have 3 to 4 minimum satisfactory credit accounts open and active... 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

Sep 5th 2012
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Mike Schults (Mikeschults)
#198 ranked lender in California - 24 contributions

You can wait to do a loan in 2014 or you can do one now but you need to put 45% down if you have the down payment money give me a call thanks.Mike 310 770-7969

Sep 5th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You can do it but on poor terms. high rate large down payment. Otherwise 2 years from the date of discharge. Best Of Luck!

Sep 5th 2012
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

The shortest wait period is for an FHA loan - you'll need to wait 2 years from the date of discharge if it was a Chapter 7

Sep 5th 2012
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 47 contributions

Buy it on a RENT to OWN or land contract until you can get financing on your own.

Sep 5th 2012
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Gary H (Mod.Specialist)
#71 ranked lender in New York - 25 contributions

..If your looking to Purchase the comments above better much paint the picture. If your trying to Refinance, the changes are slim (HML) to very unlikely. On a existing loan that you are experiencing a hardship, your best option is to apply for a loan modification to reduce the payment to 31% of your income. We can help home owners in bankruptcy or out. ..

Sep 5th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

You'll have to wait at least 2 years

Sep 5th 2012
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

After bankruptcy your credit score is likely to suffer as well and now is your chance to rebuild as lenders will not borrow money on a home until at least 2 year after bankruptcy. Work on your credit now and you will be in a good position when it is time to buy a home.

Sep 5th 2012
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