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Retiree looking for home loan

I am a retiree with a $40,000 yearly fixed income, a car payment of $217 a month, no other bills. I was forced to retire, filed bankruptcy and discharded on August 25 of 2010. My FICO is 647/679/691. Can I qualify for a home loan 18 months after discharge, I am a veteran. by justin_750_307 from Davis, California. Oct 31st 2011 Reply


Bert Carpenter (BertCarpenter)
#2 ranked lender in Arizona - 1,823 contributions

If the Bankruptcy was a Chapter 7, the general rule is 24 months, re-established credit and acceptable scores. There are some exceptions that will allow as early as 12 months with extenuating circumstances. Typically these would be things like medical emergency or disablity. I'm not sure if being forced to retire would be considered extenuationg, but it's worth looking into.

Oct 31st 2011
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Hans Bruhner (Hans Bruhner)
#3 ranked lender in California - 115 contributions

24 months is definitely the VA rule and many lenders have overlays that make you wait for 36 months. I can do this loan after 24 months for sure. The extenuating circumstances rule is hard to use and best suited for a medical emergency. I am at (866) 385-1650 or www.AskTheLoanMan.com and happy to help

Oct 31st 2011
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Anthony Hood (tony@equityinvestmentcapital.com)
#176 ranked lender in California - 1,141 contributions

One question are you looking to refinance (if so what is your current market value of your property) or are you looking to purchase, if so how much were you planning to put down. one last question i know you were forced to retire but if you do not mind me asking how old are you? the angle i am looking for is to see if you qualify for a reverse mortgage.

Nov 1st 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,683 contributions

There are options for you. Guidelines do say 2 years and most lender overlays do go to 3 years, but there are a few that look at the 12 month provision as well.. best advise I can give you is to contact a local mortgage broker, not a bank and let him look at your particular scenario. He works with a number of different lenders and will be able to match you up with a lender specific to your situation. WilliamAcres.com

Nov 1st 2011
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 89 contributions

Justin, I have successful helped veterans work through the required paperwork to show extenuating circumstances with medical issues this year. I would be pleased t help you with your loan needs and walk you through the loan issues and requirements. It is possible but requires documentation. Please call me at 623-340-0934 and I will assist you.

Nov 2nd 2011
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