any recommendations?

[storminateacup]

I need to start the prequal process with a lender.I have been discharged since 3-06.Since then I have 3 credit cards with low balances-paid on time and have been paying my not reaffirmed mortgage.According to the scores on annualcreditreport(i know theyre not accurate)we're 620-650.Probably 40 -50 points lower I know .I will have 40000 to put down on a house of about 185000.I will also have about 40000 savings.Can anyone reccommend a mortgage company that will deal with me? I have to be honest-my stomach is churning waiting for the denial .We make around 90000 between the 2 of us.Any suggestions?

[MTG_BANKER_OH]

I need to start the prequal process with a lender.I have been discharged since 3-06.Since then I have 3 credit cards with low balances-paid on time and have been paying my not reaffirmed mortgage.According to the scores on annualcreditreport(i know theyre not accurate)we're 620-650.Probably 40 -50 points lower I know .I will have 40000 to put down on a house of about 185000.I will also have about 40000 savings.Can anyone reccommend a mortgage company that will deal with me? I have to be honest-my stomach is churning waiting for the denial .We make around 90000 between the 2 of us.Any suggestions?

You should not have anything to worry about, especially with your downpayment. You probably need to find a good broker and apply with them, as long as your scores are over 500 with that downpayment you can definitley get a loan, the higher your scores the better rates you will get though.

[storminateacup]

Thanks for the vote of confidence .I talked to a broker today and it doesnt sound like its going to be easy.I didnt know they were Fannie mae.Thats probably not for me since I am only out of bancruptcy 8 months.Am I right?One question I have is this.My dh is retiring in June.He makes 80000.He will collect half salary when we move but will also work.So will I.We wanted to take a couple of months off before we work to settle us and the kids in.We will have savings of about 70,000 and no debt except child support and the mortgage.He said this isnt possible because a mortgage would be contingent on us having proof of work before we close.Is this the only way? We want to put 20 percent down.He said the only other way is a no income mortgage but you need 35 percent.Any one have any info that can help me?

[Grace]

Holy cow! How did you save $80,000 in such a short period of time? Why would you be worried about putting 20% down when you have like 40% of the purchase price saved?

[storminateacup]

Its from the sale of my house.Home prices are insane here and i ve had my house awhile.I need to have savings back up and I need some of it for other things.I really dont want to put more than 20 percent down.I dont want to get into trouble again.this bankruptcy was the worst experience Ive had .Just paranoid I think.Obviously we'll be going sub prime.Is there anyone who knows any decent ones?Thanks

[MTG_BANKER_OH]

Its from the sale of my house.Home prices are insane here and i ve had my house awhile.I need to have savings back up and I need some of it for other things.I really dont want to put more than 20 percent down.I dont want to get into trouble again.this bankruptcy was the worst experience Ive had .Just paranoid I think.Obviously we'll be going sub prime.Is there anyone who knows any decent ones?Thanks

It is going to be tough to get a loan without a job, you may be able to do it but you will have to finda lender that will not verify income or job. The rate is going to be pretty bad if you go this route though probably 2% higher then if he has a job when you move. You may need to weigh the options of your husband working or taking time off of work and see what works for you better in the long run. The issue is many large banks have their own subprime divisions within them and then many other subprime lenders only brokers have access to them. You probably need to find a good broker with a recomendation from your realtor possibly. Another option would be to do a lease option or a land contract with a potential house that you are looking to buy and then you can purchase the home once you have your employment situation worked out. This will limit the homes you can buy though.

[BKinFL]

If you live in Florida I will give you my broker's name.

[tradewiz50]

My first thing would be to pull your credit scored on all three CBR's. Next if your in the mid 600's on at least your middle credit score. You may have a chance for a"No Doc" Loan. Literally, you just need a home appraisal and to fill out the loan application. That's all I did. But it was before my bankruptcy. I got a rate of below 6% in April 2004 on my home with 5% down. If you can put 20% down, do it. No PMI. A good mortgage company can be a huge help.

[Rclan6]

If you live in Florida I will give you my broker's name.

I live in Florida and I am currently looking for a broker.

Christina

[MTG_BANKER_OH]

I live in Florida and I am currently looking for a broker.

Christina

If you post your scenario here we can try and help you out before you go to a broker, so you can make sure you get the best deal.

[HHM]

Any particular rush to buy house ASAP. Right now, based on what you have said, you would clearly be in the sub-prime category. You were discharged in March 06, thus, it's barely been 7 months since you finished your BK. Since it sounds like you have resources and what not, why not wait until at least March of next year to allow a year to pass from your BK.

More important than ANYTHING ELSE in improving your credit after a BK is time. The more time you let pass, the better off you will be.

So yes, my suggestion, WAIT. Wait at least 1 year.

My mantra is, Don't make a bad long term decision over short term desires.

[robivi3]

HHM is right, especially when it comes to Florida, you may even get a better deal in one year, depending on location.

[storminateacup]

Thanks for all thye info .I got an offer from countrywide full spectrum-7 % fixed with 3 points. Not bad. Thanks for the advice HHM.I know what youre saying but unfortunately I live on long island and can not afford to be here anymore.As I said the home prices rose sharply but so did my taxes.They doubled in 5 years.this move will allow us to go from a 225,000 mortgage to a 145,000 mortgage with the 3 points included.Taxes will go from 7000 to 2500.My dh gets half salary retirement plus we will both be working.We have no other bills.It is too hard living here.