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Trying to buy an investment property

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emptypockets
Valued Contributor
‎03-31-2009 09:09 PM
‎03-31-2009 09:09 PM

Trying to buy an investment property

Does anyone know if there are specific rules regarding getting a mortgage to purchase an investment property if you have a prior BK and/or foreclosure? I have been told that BK's and/or foreclosures must be over a certain number of years old, and was checking to see if anyone knows anything about it. I am in Michigan if this makes a difference.

CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
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Anonymous
Not applicable
‎03-31-2009 09:44 PM
‎03-31-2009 09:44 PM

Re: Trying to buy an investment property

I think FHA is 3 years for a primary residence loan and Fannie/Freddie is 4-5 years I believe.  It may be even more for investment loans as they are alot tougher to qualify for now.
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emptypockets
Valued Contributor
‎03-31-2009 09:48 PM
‎03-31-2009 09:48 PM

Re: Trying to buy an investment property

I have a BK from 7/02, and surrendered (technically a foreclosure) a home during the BK. It does not show as a foreclosure on my credit report - the mortgage acount shows as included in BK.

CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
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Anonymous
Not applicable
‎03-31-2009 10:25 PM
‎03-31-2009 10:25 PM

Re: Trying to buy an investment property

Do you have any lates or stuff since the BK?
Message 4 of 5
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emptypockets
Valued Contributor
‎03-31-2009 11:22 PM
‎03-31-2009 11:22 PM

Re: Trying to buy an investment property

No lates since BK. New mortgage on a primary residence 9/05, Car loan thru Chase 11/07, several (9) CC's, 23K total avail credit, 0 balance on all CC's. Most recent MyFico scores: EX (2/13/09): 709, TU: 713 (3/21/09), EQ:684 (3/21/09).

CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
Message 5 of 5
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