we had dreams and now bk...feel hopeless

How soon after bk is it possible to get a mortgage if you have 25% down?

Thanks

How soon after bk is it possible to get a mortgage if you have 25% down?

Thanks

Wow, if you can’t get a mortgage, NO ONE CAN. Remember you cannot bk for seven more years so you should be prime. To give you a warrantee, I cannot. ‘Hub

Call some mortgage brokers and find one who thinks they can get it done.

What State are you in?

Logan

You will have to get out there and inquire and work with some brokers. Your BK will probably work against you even with that large downpayment. Getting a mortgage is tough right now for anyone, even with excellent credit, although the market will eventually have to open up but that could be a while yet. In a previous posting in another thread I mentioned I have a good friend who's daughter is a real estate agent and she stated the market is toast right now and mortgages are hard to come by. Either give it some time and hold onto your down payment and wait a while unti the market opens up or go check out your options now so you know what you are dealing with. It would be great if you could do a posting on what you find out...

It depends on the underwriting requirements of the secondary market. If you get your mortgage and it is sold to Fannie Mae or Freddie Mac by the originator, the new underwriting requirements are now 4 yrs from BK. (A few months ago it was 2 yrs). Underwriting changes with the market, so the only way to tell is to find out from the originator what the requirements are at the time of application. Some originators are still doing portfolio loans, but that is few and far between. A portfolio loan is a loan held by the originator (not sold to the secondary market), so the underwriting is specific to that particular lender. Also, if you are in a location (zip code) with lots of foreclosures, your underwriting is more strict than in a location where there are few defaults.

So the best answer to this, if you have 25% to put down and you would rather close more quickly than 4 yrs, is find someone that will hold the note for you and do private financing. That can be done anytime.

It depends on the underwriting requirements of the secondary market. If you get your mortgage and it is sold to Fannie Mae or Freddie Mac by the originator, the new underwriting requirements are now 4 yrs from BK. (A few months ago it was 2 yrs). Underwriting changes with the market, so the only way to tell is to find out from the originator what the requirements are at the time of application. Some originators are still doing portfolio loans, but that is few and far between. A portfolio loan is a loan held by the originator (not sold to the secondary market), so the underwriting is specific to that particular lender. Also, if you are in a location (zip code) with lots of foreclosures, your underwriting is more strict than in a location where there are few defaults.

So the best answer to this, if you have 25% to put down and you would rather close more quickly than 4 yrs, is find someone that will hold the note for you and do private financing. That can be done anytime.

Underwriting may require 4 years but off setting factors may allow an approval.

25% down and a low DTI certainly would be considered excellent off setting factors.

Logan

Underwriting may require 4 years but off setting factors may allow an approval.

25% down and a low DTI certainly would be considered excellent off setting factors.

Logan

True. But the most overriding factor will usually be: Will Fannie Mae or Freddie Mac buy this loan from the originator? If not, the chances of getting the loan funded drop dramatically unless the lender has a portfolio dept.

But like you implied - it certainly is worth checking out with 25% down!

True. But the most overriding factor will usually be: Will Fannie Mae or Freddie Mac buy this loan from the originator? If not, the chances of getting the loan funded drop dramatically unless the lender has a portfolio dept.

But like you implied - it certainly is worth checking out with 25% down!

Congratulations on your discharge!!!

I used to be in the mortgage business but doing other things now. Last I read FHA loans only need 2 years out of BK. Do you know anything about that?

Logan