Finding a mortgage with a BK

radman_1996 · ‎05-06-2007

Hi, I am looking for mortgage following a Ch 7 bankruptcy that was discharged/closed 20-months ago. Any ideas? My scores are in the 650+ range, I make $120K year, I want to buy a house in the $400K range with 3% down. Approximately $1500/mo in expenses between 2 car notes, 3 CC, and 2 student loans. Am I being unrealistic? Thanks!

Anonymous · ‎05-06-2007

radman_1996 wrote:
Hi, I am looking for mortgage following a Ch 7 bankruptcy that was discharged/closed 20-months ago. Any ideas? My scores are in the 650+ range, I make $120K year, I want to buy a house in the $400K range with 3% down. Approximately $1500/mo in expenses between 2 car notes, 3 CC, and 2 student loans. Am I being unrealistic? Thanks!

Most lenders look for a clean payment history of at least 12 months after BK with scores over 620 you should qualify. Is this your first home? If not has enough time passed since you owned you last home to qualify for first time homebuyers programs in your city? I would check those options out as the score doesn't matter as much and FHA and VA loans will give you top rates regardles of your score if you qualify for either.

HTH

Anonymous · ‎05-06-2007

Can you document the $120,000 annual income. If you are w2 and can document the income you should be able to obtain financing. If you are self-employed, going 97% LTV probably won't happen.

radman_1996 · ‎05-19-2007

Can anyone suggest me to a good lender to go to? My $120K year is on a w2 (show's a little bit more), my mid point score is 676, and it's been 20 months since my Ch7 discharge. I just found out that I am being transferred to WA state and would like to buy a home for $250K. I can come up with 3% down, maybe 5%.

Tuscani · ‎05-19-2007

radman_1996 wrote:
Can anyone suggest me to a good lender to go to? My $120K year is on a w2 (show's a little bit more), my mid point score is 676, and it's been 20 months since my Ch7 discharge. I just found out that I am being transferred to WA state and would like to buy a home for $250K. I can come up with 3% down, maybe 5%.

My guess is as long as you are dealing with a BK friendly lender you approval should be no prob.

Anonymous · ‎06-26-2007

Going subprime 1 day out of BK is all you need, Alt-A is 24 months, and Prime is 5 - Years. You need good payment histroy after the BK!!!! If your DR is low and you have 3 - 6 months of reserves you should be able to go Alt-A or even Prime.