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Answers (12)
- Tom Hoffman
- Contributions:50
Working with a goo dMortgage Broker is your first step.
Long before I became a Realtor, I would have laughed at the idea of being a homeowner. But I was able to do it, and so could you. Your first step is to get your financial house in order. It may take a week, it may take a year, but it is possible.
The trick is to find a mortgage Guy and a Realtor that is willing to coach you through the process.
Long before I became a Realtor, I would have laughed at the idea of being a homeowner. But I was able to do it, and so could you. Your first step is to get your financial house in order. It may take a week, it may take a year, but it is possible.
The trick is to find a mortgage Guy and a Realtor that is willing to coach you through the process.
- Josh Miller, "JoshMillerRealEstate"
- Contributions:39
Chris I agree with most posters in regards to meeting with a sold mortgage professional. There are several mortgage products out there with varying qualification requirements. Some larger mortgage brokerages have access to more programs and will be able to inform you and even guide you through the steps necessary to qualify for a mortgage. I am local to Portland and open to you giving me a call any time should you have any questions.
- CORONA NICK
- Contributions:2218
Rent a nice house... ;)
- Pat Lord, "patlordagent"
- Contributions:283
You do not qualify but may be able to do seller financing, if you can save a large down or try for a "Hard money" loan.
- chrisandamy
- Contributions:2
Thanks for all your answers.
- Gary Bell, "Gary Bell"
- Contributions:45
If you don't qualify for a loan, you could seek out something with owner financing. Ask a local real estate agent about the options available.
- William Metzker, "MrLiam"
- Contributions:210
I concur with Wetdawg. In addition, if you live in Portland, check out the Portland Housing Bureau. They get people on track and do a good job.
- Dave Sutton, "Dave Sutton"
- Contributions:45
I have to reinforce the previous advice, especially about meeting with a mortgage professional. Your post is full of speculation and the mortgage professionals I work with tell me story after story of people who thought they couldn't buy a home but did. One of my lenders just told me of a survey that something like 90% of renters think you must have 20% down to buy. The fact is many, many people are buying with 3.5% down and the seller paying all the closing costs. That may not apply to your situation, but I poist it as an illustration of how it's possible for one's speculation to be far off reality - in the wrong way!
- Corri Klebaum, "CorriKlebaum"
- Contributions:199
Chapter 7:
-VA and FHA require 2 years seasoning from discharge
-USDA Rural requires 3 years
-Conventional requires 4 years if due to financial mismanagement, otherwise 2 for extenuating circumstances.
Chapter 13:
-VA, FHA, and USDA allow as little as 12 months to lapse with acceptable payment history from trustee otherwise 2 years out.
-Conventional 2 years from discharge or 4 from filing date. For extenuating circumstances they will allow as little as 2 years from discharge.
If you have paid your post BK obligations on time and the scores should come back up with time. Keep in mind terrible is subjective... I've talked to so many folks who say they have terrible credit however have well qualified scores in the 700's and those that think their credit is great and it's in the low sixes.. most lenders bottom out at 620 some 580. With that said the best thing to do is meet with a licensed mortgage professional, review your credit, income, assets and liabilities in full and go from there. It is easy to speculate every which way but until you look at the whole picture you won't really know where you need to focus your efforts.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1348
Please take wetdawgs advice and visit myfico. I took the same advice just about 3 months ago and our scores have already climbed about 75 points on the lowest of the three. It is so easy with just a little money to establish positive trade lines. We did two secured credit cards and a borrowed against a CD. The sooner you take action the better. People are also so friendly and helpful there.
Good luck with both the house and baby, a child is such a blessing!
- Randolph Leslie Smith, "RandolphLeslieSmith"
- Contributions:19
In the meantime, while trying to upgrade your credit scores to eventualy qualify for a prime lender, start saving money up as fast as you can accumulate it and shop for an owner who will carry a contract under mutually acceptable terms.
Be careful, many investors represent themselves as owners willing to carry. This is not where you will find your best deal.
Be careful, many investors represent themselves as owners willing to carry. This is not where you will find your best deal.
- wetdawgs
- Contributions:26945
You write: " She has no credit I have no credit, and my score is still terrible, really terrible".
At 2 to 4 years out from bankruptcies, it is possible to have made huge improvements in your credit scores if you take a systematic approach. Now is the time to do so so you don't end up really really old by the time a little person joins your lives. Rather than type out everything necessary, may I recommend www.myfico.com and start studying, identify a strategy and implement the strategy.
At 2 to 4 years out from bankruptcies, it is possible to have made huge improvements in your credit scores if you take a systematic approach. Now is the time to do so so you don't end up really really old by the time a little person joins your lives. Rather than type out everything necessary, may I recommend www.myfico.com and start studying, identify a strategy and implement the strategy.
First time home buyers, bankrupcty, decent income
We're both 40
We've both had bankruptcies, 2 and 4 years ago, respectively
She has no credit
I have no credit, and my score is still terrible, really terrible
Our only debt at this point is a monthly total of $410 (student loans)
Our only asset is one 1995 little pickup
Neither of us has ever bought a home
We currently rent a house from my grandparents (they will not sell to anybody ever)
Our annual income is roughly $80000, maybe more
We have very little savings right now, but could rack up $5000 pretty quickly (we're also trying to adopt a child, so we will be spending money on that, after having spent savings on failed fertility)
ANYway. Is buying a house in the range of $100000 to $130000 in the next year outrageous? doable?
We'd like to be set up in our own place by the time we bring home a child, and we'd like to bring home a child before we're really super old!
We already own many homeowner items, such as all major appliances, maintenance tools and lawn care items.
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