Profile picture for user1179163

What can I do to get more (or better) quotes for my loan request ZR-QPFWSFS?

Me and my husband are wanting to buy our first house we are having problems getting approved my husband filed bankruptcy 2 years ago his discharge date is July 13,2011 when he was discharged I went on the bankruptcy since we are married. We have never bought a home or had any foreclosures or anything like that we have been told to wait till August to try but I keep getting different stories from different banks. We are also looking for a zero down firs time home buyers loan not sure how this all works hopefully someone can give me some insight and let me know of we can get approved with no money down our credit scores are not bad we have no current debt or anything like that
  • June 28 2013 - Sterling
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Profile picture for wetdawgs
You may wish to play with the affordability calculator to get some rough ball park numbers on what you can afford under different scenarios.   Unfortunately the calculator doesn't tell the user when a 0% down payment is unrealistic.

Good luck!
  • June 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
"Zero down first time  home buyer's loan".     .... roll back the clock to 2003 or even 2006 and you might find one of those.    Try entering the same info but with 3.5% down to see if you get quotes.

You say in the post that you have no current debt, but your loan request says you  have a $300/month debt.  That debt load will reduce your borrowing power.

The options for zero down are VA loans but you say you aren't qualified for VA loans or USDA loans in certain rural areas (their website will identify the areas).    A few localities have grants for down payment assistance, so do some searching to see what you find in your community and if you are qualified.   (These are few and far between, don't depend on them.)

If you discover there are no 0% down option, put together an aggressive savings plan.   Plan on at least 3.5% down, several percent for closing costs and several per cent for an emergency fund.   Home buying takes time to get ready, and isn't an emergency.



  • June 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.