Loan Requirements For 100% Home Finacing After Bk

You can obtain a zero down mortgage one day after Chapter 7 given you have a middle score of 580. This is obtainable if you restablish credit just after the discharge. Which is very important to do if you want to get your scores back in line quickly. A $300 credit card or secured card works wonders right after CH 7 to get your scores up quickly. you have to make sure y ou keep your balance to below 50% of the credit limit it is best if you can keep it to below 30% of the limit.

Another thing to look for just out of a chapter 7 is to make sure your accounts are reporting correctly and not still reporting late after the discharge of the BK. If they are still reporting late after the BK they are in violation of the Fair Credit Reporting Act and it is fairly easy to get the accounts delted once you have them in violation. There are form letters here and on other websites that can help you out with this.

One can obtain a mortgage or a refinance while in chapter 13 with the BK courts approval. FHA is the best route if you have 12 months of chapter 13 pay history. You can obtain a good rate low 6's currently as long as you have a good pay history in a chapter 13.

From my experience here in KS - You will not find a lender - even with good pay history to refi you in a chapter 13. Perhaps in other states, but not KS. We tried and after our payment had doubled to $1500 a month, we were forced to file a chapter 7 and lose our house.

From my experience here in KS - You will not find a lender - even with good pay history to refi you in a chapter 13. Perhaps in other states, but not KS. We tried and after our payment had doubled to $1500 a month, we were forced to file a chapter 7 and lose our house.

I am sorry to hear that. Did you look into FHA, I have gotten loans approved while in chapter 13 with an FHA loan. FHA loans do not differ from state to state, just lender to lender.

We had tried everything and everyone. Noone could help us - or so they said. Very disheartening. We had filed a 13 to begin with to save the house and had been in it 2 years. It is done now - so...

Bonkey's wife

bonky...did you try Countrywide Home Loans? I know Full Spectrum Lending approves loans with less than perfect credit..they are a division of Countrywide.

Until I got to talk to the last Customer Service Rep, I wouldn't have recommended Countrywide to anyone. The first 2 I talked to were outright rude. Didn't answer any of my questions. Didn't explain anything.

Then I got a real nice lady. She told me exactly what we needed to do. Gave me contact phone and fax numbers to send docs to. Very helpful.

The other Reps didn't care. They woulda let me go to Hell and a handbasket and even been there to give me a push.

My advice, stay away from Full Spectrum Lending (and Countrywide as well). Frist, Full Spectrum preys on the weak and desperate, knowing full well, that you are really unable to afford it, and I believe their motives are to take you to the cleaners. I tried Full Spectrum, when Countrywide (my mortgage holder) couldn't help me anymore. The first thing I got was that they could lower my payment by $XXX per month, get me feeling good that they can help, but when I ran the numbers myself, something wasn't right. I WASN'T TOLD THIS WAS AN INTEREST ONLY FIGURE and that in 5 years, the payment was going to be $XXX more per month. Basically, my opinion is that they are LOAN SHARKS and PREDATORS.

Now as far as Countrywide.......They are some of the rudest people I have ever had the displeasure of speaking with. When our world was seeming to fall apart in Oct.04 when my previous employer cut salaries and hours and we had a hard time managing, Countrywide was able to help us a little and take off some of the strain by allowing us to pay what we could. Okay, so then everything seems to return to normal for a while, but guess what, my hours get cut again......and still on a reduced salary. Well Countrywide didn't even care. They said, "Sorry, we can't help you." "You already owe us $XXX and you need to pay up or else face foreclosure."

Stay away from Countrywide and Full Spectrum......just my opinion though.

My aunt has Countrywide, and though she has no BK issues, says they have hideous customer service and she plans to dump them as soon as she can refi without a prepayment penalty.

DOn;t waste your time with countrywide - I made that mistake. They will promise you adecent rate. What they will not be clear about is that they want you to pay points to get it. I tried through them and they offered me 7.5% if I paid 8 points on the loan - 1 point = 1%. So for the right to refi they wanted to charge me 8% of the house value

Well I have to take back what I said earlier about Countrywide. When I called back this week to check with the Work Out Dept to see if they got our letter and docs, I couldn't get thru to the Work Out Dept. I was routed to the same department. Customer Service for delinquent loans.

The Rep I got this time was nice enough, but he said the lady had given me inaccurate info. We did not qualify for our info to be processed by the Work Out Dept and our loan could not be placed into Forebearance.

AND,.......... I asked for the name of the investor backing our loan. I wanted to try contacting the investor directly to see if the investor would cut us some slack. Countrywide won't give us the name of our investor.

DOn;t waste your time with countrywide - I made that mistake. They will promise you adecent rate. What they will not be clear about is that they want you to pay points to get it. I tried through them and they offered me 7.5% if I paid 8 points on the loan - 1 point = 1%. So for the right to refi they wanted to charge me 8% of the house value


No one should ever have to pay 8 points for anything mortgage related for a discount points or origination points that is the max that brokers are allowed to charge if 7.99, which is outrageous in the first place.

Just wanted to say, Nick, that's it's good to have you on the Forum.

Wish more experts were as considerate and helpful. Instead of trying to advertise, you are offering useful information.

Others that have come here try to solicit. What they don't realize is,........... If they will give their time and answer questions, people will contact them.

A little time spent here helping people can result in business leads as well.

Welcome aboard, and TY for your insight and assistance!

Nick, could you expand a little bit on the FHA part? I was under the assumption FHA was "first time home buyer's assistance" and you could only get FHA help if you hadn't owned before (or hadn't owned for a period of a few years)?

Thanks

Just wanted to throw my 2 cents in here too..

The United States as a whole has a high cost violation of anyone making over 8% of the loan in fees, it is out of compliance and against the law!

Some states have lower % laws too... for instance some like GA have a 5% maximum, and most lenders have a 5% compensation cap too to stay within compliance...

I work in a compliance department, and if that 8% loan was on my desk I would call the broker and tell him to lower his fees or no deal... In the business this is what we term "Section 32", most brokers abide very nicely..

Just wanted to say, Nick, that's it's good to have you on the Forum.

Wish more experts were as considerate and helpful. Instead of trying to advertise, you are offering useful information.

Others that have come here try to solicit. What they don't realize is,........... If they will give their time and answer questions, people will contact them.

A little time spent here helping people can result in business leads as well.

Welcome aboard, and TY for your insight and assistance!

I agree I think this guy is great. If I was in the market for a house I would go through him.

I've been on other Forums where Pro's in the field came on regularly to answer questions. No sales solicitations. They got business directly from members of the Forum for being so helpful.

You don't always have to push the sale to get the business.

When we were trying to sell our truck the other day, I started out at the Dodge dealer. Wanted a quick sale. Didn't wanna mess with ads and phone calls and such. The Dodge dealer guy looked at my truck and made his best offer. He knew it was less than I needed. But,....... The Dodge guy told me to go to an independent little lot right down the street. He said they would pay more. AND keep the extended warranty info to myself. That we could cancel that extended warranty and get back a chunk of change.

So, I went to the other lot. They offered more. Sold to them. Went back to the Dodge dealer and cancelled the extended warranty. We originally paid $2500+ for that extended warranty and we'll get back right at $2K from that. Quick sale and the refund on the extended warranty got me the price I woulda got selling out right private party sale. Done in minutes. No ads. No phone calls. No haggling.

One time when things went right for us recently!!

And, that Dodge dealer is where we'll go the first opportunity we have to buy a car. That guy didn't have to tell me that piece of info, but he did. And it got money for us. I appreciate his help and I'll sure consider buying from them in the future.

:) I've been on other Forums where Pro's in the field came on regularly to answer questions. No sales solicitations. They got business directly from members of the Forum for being so helpful.

You don't always have to push the sale to get the business.

When we were trying to sell our truck the other day, I started out at the Dodge dealer. Wanted a quick sale. Didn't wanna mess with ads and phone calls and such. The Dodge dealer guy looked at my truck and made his best offer. He knew it was less than I needed. But,....... The Dodge guy told me to go to an independent little lot right down the street. He said they would pay more. AND keep the extended warranty info to myself. That we could cancel that extended warranty and get back a chunk of change.

So, I went to the other lot. They offered more. Sold to them. Went back to the Dodge dealer and cancelled the extended warranty. We originally paid $2500+ for that extended warranty and we'll get back right at $2K from that. Quick sale and the refund on the extended warranty got me the price I woulda got selling out right private party sale. Done in minutes. No ads. No phone calls. No haggling.

One time when things went right for us recently!!

And, that Dodge dealer is where we'll go the first opportunity we have to buy a car. That guy didn't have to tell me that piece of info, but he did. And it got money for us. I appreciate his help and I'll sure consider buying from them in the future.

Not only that sinking, but if I were you I would have gone back and given him a nice tip. $2000 in cash that you wouldn't have had otherwise? I think a $50 spot would show a him a nice token of appreciation :)

We had Countrywide and an Equity loan thru another. Countrywide offered to refi the our equity loan and have a lot lower pymt. We did and the payment was lower. Little did we know that the loan was a flex loan that was an interest only loan.

So, when we decided to file Ch 7, we let the house go back also. They are still reporting on our credit report that we behind and it was discharged in Dec 05. They (bk dept) are aware that we filed and they cannot legally come after us for any $$$, but they are messing with us in the way that they can and that is thru our credit report.

So, my advice is to STAY AWAY!!!

Good Luck!!

:)

Not only that sinking, but if I were you I would have gone back and given him a nice tip. $2000 in cash that you wouldn't have had otherwise? I think a $50 spot would show a him a nice token of appreciation :)

I would do something, FOMO, if we could, but every penny matters right now.

We're kinda keeping a list of people who've been really nice and helped us lately.

Hoping that when things get better, we'll be able to repay kindnesses in some small way. Just to let them know that we appreciated having their help when we needed it most.

Nick, could you expand a little bit on the FHA part? I was under the assumption FHA was "first time home buyer's assistance" and you could only get FHA help if you hadn't owned before (or hadn't owned for a period of a few years)?

Thanks


FHA is not just a first time homebuyers loan program. There are some local government sponsored loan programs that are strictly for first time hmebuyers where you can not have owned a home for the past 3 years. If you have not owned a home in the last 3 years you are generally considered a first time homebuyer. You can qualify for a FHA loan asa long as you do not currently have a FHA loan, or have an FHA loan that will be paid off when you sell your home. FHA is a great option where someone has demonstrated that they have paid their bills on time and just do not have the scores to go another route. Many times FHA can be a good route even if your scores are good. You can get a good rate with one loan that is at the conforminng rates or lower with 3% down that can be gifted by the seller. FHA is probably the best option for someone 2 years out of a Chapter 7. You can not have any lates after the BK though, but you do not have to go subprime and deal with a short term fixed rate with a prepayment penalty.

would a ch.13 refinance qualify for an fha loan? Im 14 months into a 100% payback plan and would like to refinance and pay off the bk. What kind of ltv is acceptable?

Hi Nick....Hi all

We are currently 17 months into our 5 yr Chapetr 13 plan. While in the plan both our car payments have finished. Saving both car payments so that we can payoff when we reach the 36 months. Our mortgage payment was not included in the BK, we pay it outside the plan (Have never been late). When we payoff at the 36 months we are looking to move from PA to FL. Hubby retires one year after the payoff, so that gives us a year to save for the move. At that point we want to sell the house here in PA and buy one in FL. My question to you is do you think we'll have a hard time getting another mortgagte??? Remind you...that either one of us will have jobs until we move to FL. We are trying to have the house set up and ready for us to move right into when we move there. When hubby retires we will have a nice retirement plan to fall back on. Can we use the retirement money as collateral? We'll be putting like 50% down on the mortgage. How do we go about setting up a house in FL while we are still in PA? Is this possible without having jobs set up in FL? Our mortgage right now is a VA loan. Can we get another VA loan with them once we sell the first house being we filed CH 13? What kind of mortgage would you suggest? Hubby is at his current job 31 years. Anyone else have any suggestions please jump right in. Thanks so much

Is it really possible to pay off your 13 early if some creditors are paid off sooner than expected. I know our 60 month plan cannot be shorten, they will only pay the unsecured a higher percentage:cry:

would a ch.13 refinance qualify for an fha loan? Im 14 months into a 100% payback plan and would like to refinance and pay off the bk. What kind of ltv is acceptable?


You can refinance to pay off the Chapter 13 or just obtain a lower rate on your current loan. With over 12 months of "on time payments" you should qualify. The thing you need to look into is what your house is worth compared to what you owe on it currently. How much do you think that is? Then you need to look into what it costs to pay off your Chapter 13 it will probably be higher then your current payoff of what you have paid down already. You can possibly qualify with FHA you can go to 95% cash out to pay off the BK. Another option would be to see how your credit score is curretly and there are some other lenders that will allow 100% to pay off the Chapter 13 but the rates are very high.


Let us know a couple of things:

How much is your house worth compared to what you owe on it?
What is your current mortgage balance and interest rate?
Do you have any credit outside of the bk? eg. you rmortgage was not included

One problem with the chapter 13 is if there is nothing reporting outside of the Chapter 13 your credit score goes down or does not exist at all because y ou have no reporting credit.

Hi Nick....Hi all

We are currently 17 months into our 5 yr Chapetr 13 plan. While in the plan both our car payments have finished. Saving both car payments so that we can payoff when we reach the 36 months. Our mortgage payment was not included in the BK, we pay it outside the plan (Have never been late). When we payoff at the 36 months we are looking to move from PA to FL. Hubby retires one year after the payoff, so that gives us a year to save for the move. At that point we want to sell the house here in PA and buy one in FL. My question to you is do you think we'll have a hard time getting another mortgagte??? Remind you...that either one of us will have jobs until we move to FL. We are trying to have the house set up and ready for us to move right into when we move there. When hubby retires we will have a nice retirement plan to fall back on. Can we use the retirement money as collateral? We'll be putting like 50% down on the mortgage. How do we go about setting up a house in FL while we are still in PA? Is this possible without having jobs set up in FL? Our mortgage right now is a VA loan. Can we get another VA loan with them once we sell the first house being we filed CH 13? What kind of mortgage would you suggest? Hubby is at his current job 31 years. Anyone else have any suggestions please jump right in. Thanks so much

You should be ok to buy another house after the chapter 13 payment plan. What price range would you be looking at for your new home? It would be tough to get into a new home as your primary residence unless you have jobs in florida. You could look into doing it as a second home before you completely move. The rates will be high but you can refinance back into a va loan after you move. You can not do another VA loan until you have sold your current residence or paid off the VA loan. It is a good thing your mortgage was not included in the BK so you have some reporting credit on your credit bureau. You are saying you will put 50% down, is that from the sale of your current home or from your retirement? You are going to be better off if you can leave your retirement funds alone. If you are going to put 50% down you should have no problem getting financing. Are you going to find work in florida or areyou going to retire?

Thanks for the reply. Here is some of the info- my current mortgage balance is 133500 at a 9.5 interest rate.The last time I had the house appraised two years ago it appraised for 170000.My mortgage payment is not included in the bk. and I have made those on time since the bk. I am somewhat unsure as to the amount left to be paid on the bk. The plan base shows 53000 with 19100 paid into the plan so far. It shows a total of 15000 paid to all creditors so far. So is my bal. the 53000 minus the 19000 or the 15000? Im not sure. We have made all the payment to bk on time. Currently between the bk and the mortgage pmt we are paying out over 3000.00 monthly. We really would like to refinance if possible.

Thanks for the reply. Here is some of the info- my current mortgage balance is 133500 at a 9.5 interest rate.The last time I had the house appraised two years ago it appraised for 170000.My mortgage payment is not included in the bk. and I have made those on time since the bk. I am somewhat unsure as to the amount left to be paid on the bk. The plan base shows 53000 with 19100 paid into the plan so far. It shows a total of 15000 paid to all creditors so far. So is my bal. the 53000 minus the 19000 or the 15000? Im not sure. We have made all the payment to bk on time. Currently between the bk and the mortgage pmt we are paying out over 3000.00 monthly. We really would like to refinance if possible.


Where are you located? One option would be to look into just refinancing the mortgage you should be able to get in the mid to lower 6's? You may want to look into what it would cost to pay of the chapter 13, your attorney can help you out with this.

we are in missouri. what would be the advantage of just refinancing the mortgage? would it be easier than refinancing the bk and mortgage? Any suggestions on any mortgage lenders in missouri that would be experienced in dealing with our situation?

we are in missouri. what would be the advantage of just refinancing the mortgage? would it be easier than refinancing the bk and mortgage? Any suggestions on any mortgage lenders in missouri that would be experienced in dealing with our situation?



The benefit of just lowering your monthly payment for your mortgage by just refinancing the mortgage into a lower rate. It is up to the court if they will allow you to lower your monthly payment or if they will decide to take the extra savings you will gain and put it into the BK payment intstead. This would be a question for your attorney. If you are looking to pay off the BK it is your probably should look into your credit scores. And see where they are, with an FHA loan you have to potential to take 95% of the appraised value for cash out to pay off your BK. IF that roust does not work you will have to look into a subprime loan where your chances will be score driven, some lenders will allow up to 100% for a bk buyout but your rates will be where your curent mortgage is if not worse. You are going to need a credit score of 580-600+ to do this, where FHA is not credit score driven but credit driven. WHich means they will look at your last couple of years and see how your payment history has been , but they focus primarily on the last 12 months for the most part. It is tough for me to reccomend lenders since I am on the inside as a mortgage banker/broker, where I am only licensed in Ohio and Florida and we sell our loans to the lenders after closing as compared to actually working at the bank some times our guidelines are a little easier to get things approved. For FHA you should look into Birmingham Bank(somewhat a subprime FHA lender), I recently have gotten a CHapter 13 refinance FHA approved through GMAC not taking cash out to pay it off but jus lowering the monthly mortgage payment. Washingotn Mutual. On the subprime side you shoudl lookinto option one, Decision one, delta Funding. You probably are best off if you can find a good broker to help you out in your area.

Hi Nick...

Mortgage wasn't included in BK 13 but they have it listed on the credit reports as being included in a wage earner plan. We are making the mortgage payments outside the plan. Looking for a house probably around $100,000. The down payment will be coming from the retirement. The equity in the house when we sell will be just enough to pay off the VA loan that we have now. As far as work in Florida hubby will be looking for part time work.

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.


aa06a47,

Was this mesage for me???

Hello,

I Was Wondering If There Is Any Possible Way For My Husband And I To Be Financed Two From Being Discharged. Our Main Goal Is To Buy A House And If Some One Could Point Me In The Right Direction That Would Be Great. Where We Live Property Value Is Getting Ready To Start Booming In The Next Year And We Want To Buy Now So We Can Get It Well It's Still Cheap. Some Help On This Would Be Great!!!!!
Thank You

I recommend trying lendingtree.com. That way you give full disclosure of your financial situation, and you will only be contacted by lenders who will approve your current credit situation. I used lending tree (before bk) to refinance my home, and I beat any rates in my area by at least 1/4 of a point. They even filled out everything simply from my credit report. The important thing here is that only lenders willing to work with you will contact you.


The only problem with lending tree is all they do is sell your information to 4 brokers or banks. You are better off working with a reputable lender that someone else you know with referred you to. You should check with your family and friends first before going to lending tree to see if someone else can refer you someone. It costs lenders 20k to get signed up with lending tree so they are going to make their money back one way or another. Another problem is when you apply with many lenders is someone will tell whatever you want to hear to get you to commit to them and then change it later after you have stopped talking with the other lenders. I know this is not true in all situations this is just my experience with sites with lending tree.

Lease with Option

(Name of Company removed from below replaced with XXXX) Didn't know the law on copy & pasting this from another site.

OPTION TO TENANT XXXXX Home Sales specializes in helping families attain the dream of homeownership by providing affordable, high quality homes of enduring value. We not only provide our customers with a variety of financing opportunities, but we also have an alternative method to help those with credit challenges reach their homeownership goals. The Lease with Option requires a minimum deposit of $5,000.00. A $1000.00 deposit is needed to take a house off the market. The balance of is due prior to move in. We do some limited background checks, but basically anyone can qualify for a home under this program. Part of your deposit is used as a purchase option fee and up to $2,500 can be used as additional purchase option fee or can be used to subsidize your first year payments reducing them by $208.33 per month. When you decide to purchase the home, the total deposit is applied to the purchase price of the home unless you used $2500 toward a payment subsidy. Then only the remaining balance of your option money will be applied to the purchase of the home. $5,000 Option for a new home!! Under this five-year program, your low monthly payment will remain the same for the first 12 months. After this period, you will have the option to purchase the home. If you are not able to purchase the home at this time, your unsubsidized monthly payment as well as the purchase price will only increase by 10 percent each 12 months through the remaining term of the contract and Lease. You may exercise your option to purchase at anytime beyond the first 12 month period. While there may be credit issues that prevent one from qualifying for a mortgage, under our Lease to Purchase Program, everyone qualifies! With payments the same or even less than conventional loans, this program provides a great opportunity to reach the dream of homeownership. Ownership: We have a pool of investors that will carry the title to these properties until you have arranged your own financing and exercise you right to Purchase. Getting Started: A Sales Representative will provide you a list of available homes and an application to those interested in the program. If no homes are currently available a Sales Representative will help you locate a lot, pick the model you want to built and assist you in color selection. Remember that the ONLY requirement for this program is a minimum $5,000 down payment. Once you decide you are interested in the program you will need to complete the application and pay a $50 non-refundable application fee, a copy of your driver's license, the fee and the application. The purpose of the application and credit report is to learn basic facts about you. But Credit is not a decisive factor in the Lease with Option program. Selecting a House: The homes you have to choose from are brand new (in nearly all cases) and have never been lived in. We have a wide variety of homes offering diverse floor plans and color schemes in several neighborhoods throughout Central XXXX. The homes are equipped with the same features and amenities as our standard models. For more information on homes or communities, please refer to our website. Once you select a house, a $1000 non refundable deposit is required to remove it from the market or begin the building process you may pick out the model you desire, lot location and all colors. Move-in: Approximately 30 days before closing; you will receive a move-in letter. The letter will indicate date of move in, payment of the remaining deposit and any other details that have not been previously addressed. We will then prepare the contract and forward it to your Sales Representative for presentation to you and to obtain your signatures for move-in day. Note that the move in date depends upon the status of the house. If the house is under construction, time must be allowed for completion of the house and then the initial closing between XXXX Home Sales and the Investor. If the house is complete and already owned by the Investor, move in can be expedited based upon your needs. Down Payment: The down payment required is a minimum of $5,000. The more you put down the more equity you are gaining in your home as all of the Option money is applied to the purchase price unless you the $2500 lease subsidy. Changes to the House: After you have signed the contract and moved into the home, you are permitted to make changes to the house and to the property as long as the changes are within code and do not require a permit. Structural / permanent changes which require a permit will require the approval of the Investor. As long as the changes are an improvement to the property, the changes are typically approved, i.e. a fence or a pool. Financing: You may elect to purchase / finance the house into your name from the investor after 12 months given you are not in default of the terms of the Option or Rental Agreement. The only requirement is that you are capable of receiving a mortgage commitment. When you elect to purchase the home option fee is applied to the purchase price of the home given that all terms of the Option and Lease has been met.

Just read all the posts about refinancing and Countrywide. Sorry all you guys had problems with them. We didnt. Our interest rate was 6 3/4% and the customer service people we talked to were all very nice and in fact, I called one recently about refinancing and he was very helpful. Guess we got lucky. Given all of this, is there any company out there who would give us a loan to do some major siding work on our house? Problem is we dont have a lot of equity...would appreciate any help...thanks.

your best bet is to call the contractors and see if they have any financing options for you that do not require to use your home as equity. What are your scores and how much equity is in your home? You may be able to get a second mortgage.

Can someone please tell me what is the difference between a manufactured home and a mobile home?? Thanks

You may be referring to Modular and Manufactured homes.

Modular homes are borught to the homesite in several pieces and look like a regular home when completed. When completed they are treated as a regular stick built home and they can not be disassembled once set on the foundation. This type of home is open to all types of financing.

Manufactured homes are considered doublewides or singlewides. They are brough to the homesite in one or two pieces with an axle attached and then pieced together at the homesite. The main distinction is Manufactured homes have a steel undercarrige to which the axle is attached and then removed once the home is set. Singlewide financing is very difficult and may be treated as a car loan or mobile home loan.

Doublewide financing can be attained but is difficult as well. Your best bet is an FHA loan for a doublewide home with minimal down or nothing down. There are some stipulations though. It has to be titled as realestate, you will have to get an engineering inspection to make sure the home is set correctly and it can not be built before 1976. If any of these You can obtain conventional financing for a doublewide but you have to have 5% down and good credit. Many lenders have had loan defauly issues with these types of homes so financing is very tough but it can be done.

You can get approve for a home loan while in bankrupcy chapter 7 or chapter 13. I am a mortgage broker and most of my clients are currently in chapter 7 or 13 and i got them approve for a home loan refinance even if your credit score is below 500 you can still refinance your home. you can even refinance out of the bankrupcy or foreclosure. Please let me know if any one have any questions or concerns I am happy to answer any questions.


Latoya Calder

how is it possible to get a loan with 500 score. i see a lot of mortgage brokers saying that then i call them and they push you off. if there is a secret i would love to know what it is

Do your research on these companies offering a home loan w/ a 500 score. Yes it's no down payment, no closing cost, etc but they eat you alive with high interest rates (8% and higher) plus on 100% financing you must obtain PMI which is interest payments on the money the bank lends you so they won't be out of anything if you lose the home. That comes to about $100-$300 added to the monthly payment of your home. If you just really need a home, then yes try it. If not, wait it out a year and try. In my experience some brokers do push you off because they are in the business of making money and if they will not benefit with you coming in, you may get pushed to the side. NO OFFENCE TO ANY BROKERS!!!! My closest friend who is doing my home loan is a mortgage broker. My advice is to find a mortgage broker that will shop your loan for you. Then they come back and give you the best rates possible. My broker shops with 45 different lenders. In the state of MS, I am 1 year post BK7 doing a USDA Rural loan with an interest rate in the low 6%. I am having a house built in a new subdivision and it was well worth everything that I have been through. So it is possible it may just take time.

how is it possible to get a loan with 500 score. i see a lot of mortgage brokers saying that then i call them and they push you off. if there is a secret i would love to know what it is


You can get a loan with a 500 score but you will probably need money down like 15% to 20 %. You generally need about a 560 score to go 100% with no BK, the rates are in the 10's%. Just getting out of a Bk you need 580 to go 100% rates are in the 8's to 9's. Your best bet is to look at your credit and see where you can make improvements and then try at a later time. The rates on some of these loans are so high you are better off trying to get your credit up first before paying 10%, you may be setting yourself up for failure. What is your scenario?

:yahoo:

My bankruptcy was discharged in March of 2005. Like many, I thought I'd have to wait two years, and thought I'd have to come up with 20% down. I did keep my car, and also got two credit cards shortly after the bankruptcy. Ten months after the discharge I checked my FICO and it was 641. Four months later it is 674. I applied for a home loan through a broker in Jersey, and got a 30 year fixed rate of 6.875 with 2 1/2% down (FHA). It's only been 14 months. There were other programs with zero down, but I am gladly paying a small down to get that rate. Six months from now the car will be paid off, and the ex as well. :clapping:

The best thing of all is that the house I am getting is like a dream for me. I knew it when I walked through the front door. I actually began shaking. Oversized flat lot, huge deck, fireplace, looking out at the mountains . . .well taken care of home, with virtually no work to do on the house other than to fill it with furniture.

:yahoo:

You can obtain a zero down mortgage one day after Chapter 7 given you have a middle score of 580. This is obtainable if you restablish credit just after the discharge. Which is very important to do if you want to get your scores back in line quickly. A $300 credit card or secured card works wonders right after CH 7 to get your scores up quickly. you have to make sure y ou keep your balance to below 50% of the credit limit it is best if you can keep it to below 30% of the limit.

Another thing to look for just out of a chapter 7 is to make sure your accounts are reporting correctly and not still reporting late after the discharge of the BK. If they are still reporting late after the BK they are in violation of the Fair Credit Reporting Act and it is fairly easy to get the accounts delted once you have them in violation. There are form letters here and on other websites that can help you out with this.

One can obtain a mortgage or a refinance while in chapter 13 with the BK courts approval. FHA is the best route if you have 12 months of chapter 13 pay history. You can obtain a good rate low 6's currently as long as you have a good pay history in a chapter 13.

Nick, would a loan like this or similar be obtainable for a property that I would rent out, and not live in as my primary residence? I'm in florida if it matters.

Nick, would a loan like this or similar be obtainable for a property that I would rent out, and not live in as my primary residence? I'm in florida if it matters.



If you have just gotten out of BK you are going to need money down for an investment property. at least 10% down. What did you have in mind? What are the particulars of the property you are looking at? (price, location, etc.)

If you have just gotten out of BK you are going to need money down for an investment property. at least 10% down. What did you have in mind? What are the particulars of the property you are looking at? (price, location, etc.)

Its 42k, 3 bed 1 bath, not sure of sf, on the southside of Jacksonville, FL. Rents in the area start between 500-700. I'd be initially looking to rent it out for $575, and go up from there.

Several years ago, I talked to a company about doing a mortgage and I think my score was low 500's at the time. Don't know for sure but it was BADDDD! The rate would have been high, and I would have needed cash to pay off several things that were outstanding on my credit report. (Not unreasonable, just not something I was able to do.)

If you are willing to pay a high enough rate, and you have stable employment, you can probably find someone willing to lend. You might have to give up your firstborn though...

The only problem with lending tree is all they do is sell your information to 4 brokers or banks. You are better off working with a reputable lender that someone else you know with referred you to. You should check with your family and friends first before going to lending tree to see if someone else can refer you someone. It costs lenders 20k to get signed up with lending tree so they are going to make their money back one way or another. Another problem is when you apply with many lenders is someone will tell whatever you want to hear to get you to commit to them and then change it later after you have stopped talking with the other lenders. I know this is not true in all situations this is just my experience with sites with lending tree.


I disagree.

The National Borrower's Bill of Rights guarantees consumers the right to shop around for the best rate. Lending Tree offers this and more. The creditors KNOW that you are shoping, and therefore, if they aren't honest, and aren't upfront, they know darn well that you will go to someone else who will be honest, and will be upfront. Going to a local mortgage broker, bank, or mortgage company you may or may not strike it good, and you may get someone out to take you for all your worth. I have seen this first hand, and it isn't pleasant. People will do anything to make a buck off of you.

I recommend LendingTree.com over a mortgage broker any day.

I disagree.

The National Borrower's Bill of Rights guarantees consumers the right to shop around for the best rate. Lending Tree offers this and more. The creditors KNOW that you are shoping, and therefore, if they aren't honest, and aren't upfront, they know darn well that you will go to someone else who will be honest, and will be upfront. Going to a local mortgage broker, bank, or mortgage company you may or may not strike it good, and you may get someone out to take you for all your worth. I have seen this first hand, and it isn't pleasant. People will do anything to make a buck off of you.

I recommend LendingTree.com over a mortgage broker any day.


It all depends on the character of the person you work with and their integrity. You have to understand lending tree is a mixture of banks and brokers, it costs $20k to get signed up with them. Do you think someone that will pay $20k just to get leads from lendinngtree.com is not looking to make their money back. They know you are shopping and like I have said someone will say anyting to get you to go with them, if they stick to what the originally say then that is good. I am sorry that you had a bad experience of working in the mortgage industry that is not indicitative of how many commpanies do business. Unfortunately there are many people who are not out for the best interest of their client. With the way the market has been the past few years there have been many fly by night comapnies and many shady individuals have gotten back into the business thinking they can make a quick buck. Always do research on the comapny you are working with ,check the better business bureau and check your state licensing information. I would not work with anyone who has not been in the business for a while. When I started out I was involved with other sites like lending tree and people on there would lie to get the deal even though I told them what they were offered does not exist and is not possible, but once y ou get close to closing on your new home and your deal suddenly changes you do not have many choices because you have to close many people will still take the deal, and not go back to whoever told them they were being lied to. I think your best source is to go from a referral from someone that has worked with this lender a friend, family member, etc.

It all depends on the character of the person you work with and their integrity. You have to understand lending tree is a mixture of banks and brokers, it costs $20k to get signed up with them. Do you think someone that will pay $20k just to get leads from lendinngtree.com is not looking to make their money back. They know you are shopping and like I have said someone will say anyting to get you to go with them, if they stick to what the originally say then that is good. I am sorry that you had a bad experience of working in the mortgage industry that is not indicitative of how many commpanies do business. Unfortunately there are many people who are not out for the best interest of their client. With the way the market has been the past few years there have been many fly by night comapnies and many shady individuals have gotten back into the business thinking they can make a quick buck. Always do research on the comapny you are working with ,check the better business bureau and check your state licensing information. I would not work with anyone who has not been in the business for a while. When I started out I was involved with other sites like lending tree and people on there would lie to get the deal even though I told them what they were offered does not exist and is not possible, but once y ou get close to closing on your new home and your deal suddenly changes you do not have many choices because you have to close many people will still take the deal, and not go back to whoever told them they were being lied to. I think your best source is to go from a referral from someone that has worked with this lender a friend, family member, etc.

Finer words were never spoken. Nick, thank you for visiting this website.