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Answers (6)
- Gary May, "RealtorTampaBay"
- Contributions:56
Lots of good advice. Speak with your or a local lender. This will help you take all the guessing out of the scenerio. Don't be afraid to speak with several lenders if needed to compare notes and gain better specific education on the topic. The more information you have, the more confident you'll become. This will help you develop a specific game plan to help you reach your goal asap. Best Wishes!
- Adrian Provost, "RealEstate_NOW"
- Contributions:40
Visit [website removed by Zillow moderator]it has a mortgage resources section that will provide you with detailed information.
- Nile Morin, "CapeCod Z.i.l.l.o.w"
- Contributions:991
Chances are if you don't have enough savings to cover the loan, a local lender will not consider what is called a 'Portfolio Loan'. You will most likely need to wait the typical two and a half to three year period. However, don't let that get you down. There is little hope for home prices to increase dramatically in the next three years. The last upswing took 15 years to reach the peak. I have already started to get a wave of buyers that filed for bankruptcy or were in a foreclosure/short sale situation when the economy took a downturn. These people have actively focused on their credit and savings. Good luck.
- Tony Ashworth, "tonyashworth"
- Contributions:146
Your best bet will be to go with a local bank that you have a relationship with....most large lenders will not work with you for some time yet - they have too strict of guidelines!
- Justin Herring, "JustinHerring"
- Contributions:3
srk3429,
Since it was a Ch. 7 that is a good thing. You will need to wait 2 years from the discharge date of the BK. Also, was there a home mortgage included in the BK? That will make a difference on the advice you need.
Make sure to re-establish your credit by getting 2-3 secured credit cards and charging ONLY $10 a month and paying them off. This will get your score up above 700+ by the time you are able to buy. Hope that helps!
Justin Herring
Southeast Mortgage
[contact information deleted by Zillow moderator. Please review our Good Neighbor Policy for posting guidelines]
Since it was a Ch. 7 that is a good thing. You will need to wait 2 years from the discharge date of the BK. Also, was there a home mortgage included in the BK? That will make a difference on the advice you need.
Make sure to re-establish your credit by getting 2-3 secured credit cards and charging ONLY $10 a month and paying them off. This will get your score up above 700+ by the time you are able to buy. Hope that helps!
Justin Herring
Southeast Mortgage
[contact information deleted by Zillow moderator. Please review our Good Neighbor Policy for posting guidelines]
- Hank Miller, SRA, ABR, "BrokerAppraiser"
- Contributions:593
The only way to find out is to begin asking. I'd start with folks you bank with, you're going to have to rebuild credit. There may also be lasting impact from a bankruptcy, start with your bank and ask questions
What lenders could I use after being discharged from Chapter 7 bankruptcy?
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