Buying a house after Bankruptcy

[MTG_BANKER_OH]

Sir, I am telling you, we don't finance them, and we put modular and doublewides in the same category for financing with my company. I am not getting the two mixed up, and I do know what I am talking about. Thanks. I hope people don't come to this board, read everything that you say and take it for the gospel either.

And I would LOVE to hear about these LARGE banks that finance manufactured homes. We can't find a ONE that will unless you have about 50% down. And what of refinancing? We find that when we have appraisals done nearly 99% of the time all of them depreciate.

Like I said before, things are different from state to state as well. We have offices in 8 states, and every one is different.


EDITED TO SAY: I still also support looking at a stick built before ever considering a manufactured home of any type. They are often times cheaper and/or around the same price!

Have you ever heard of Washington Mutual? Trustcorp? Ohio Savings Bank? Fifth Third Bank? There are about 20 more. Also why are you getting an appraisal on a manufactured home if you can not do them anyway?

[tinroofrusted]

Modular homes do not depreciate. They are the same as any regular home, infact you would not be able to tell the difference if you have ever seen one. Modular homes are not doublewides, yes typically manufactured homes do depreciate it just depends on the area they are located in. I have done several Manufactured homes and they have appreciated over the years. You can obatin Fannie/Freddie financing on a modular home 100% and a manufactured home 95%. You need to be in the business a little longer before you make acusations about the amount of money down needed on a manufactured home or amodular home which are not the same. I work with modular home builders and there is no issue getting them financed with any normal conforming loan no matter what state they are in. I work with at least 40+ lenders. You have to understand that people that are coming on this board do not know better and may take your advice as gospel and may miss out on a good deal on a home. You can not make general acusations that no lender will do them unless they are a private bank, it is just not true. There are a large number of LARGE banks that will finance manufactured homes. I think you may be getting the two mixed up (manufactured/modular). I thought that when I first started out also, I would not make general comments on public message board when I was not really sure what the difference was.

Sir, I am telling you, we don't finance them, and we put modular and doublewides in the same category for financing with my company. I am not getting the two mixed up, and I do know what I am talking about. Thanks. I hope people don't come to this board, read everything that you say and take it for the gospel either.

And I would LOVE to hear about these LARGE banks that finance manufactured homes. We can't find a ONE that will unless you have about 50% down. And what of refinancing? We find that when we have appraisals done nearly 99% of the time all of them depreciate.

Like I said before, things are different from state to state as well. We have offices in 8 states, and every one is different.


EDITED TO SAY: I still also support looking at a stick built before ever considering a manufactured home of any type. They are often times cheaper and/or around the same price!

[MTG_BANKER_OH]

Forgive me, but the mortgage company that I work for WILL finance purchases as long as you are discharged out of BK, and have a score above 500. In fact, we even have day after discharge financing.

We also consider modular and mobile homes to be in or near the same category, and will not finance them because of their depreciation. Therefore, I don't look at saying that as "giving bad information." I personally wouldn't consider purchasing either because you can nowadays get a stick built home for about the same price. And in fact, fewer and fewer companies are financing doublewides OR modulars because they depreciate so rapidly, and are not considered a good investment. Here in Michigan, unless you go through a private lender, you can finance a modular or mobile, ONLY if you have more than 50% down, or to refinance, more than 50% equity.

The best advice? Every lender is different! Have a nice day.

Modular homes do not depreciate. They are the same as any regular home, infact you would not be able to tell the difference if you have ever seen one. Modular homes are not doublewides, yes typically manufactured homes do depreciate it just depends on the area they are located in. I have done several Manufactured homes and they have appreciated over the years. You can obatin Fannie/Freddie financing on a modular home 100% and a manufactured home 95%. You need to be in the business a little longer before you make acusations about the amount of money down needed on a manufactured home or amodular home which are not the same. I work with modular home builders and there is no issue getting them financed with any normal conforming loan no matter what state they are in. I work with at least 40+ lenders. You have to understand that people that are coming on this board do not know better and may take your advice as gospel and may miss out on a good deal on a home. You can not make general acusations that no lender will do them unless they are a private bank, it is just not true. There are a large number of LARGE banks that will finance manufactured homes. I think you may be getting the two mixed up (manufactured/modular). I thought that when I first started out also, I would not make general comments on public message board when I was not really sure what the difference was.

[tinroofrusted]

Another thing besides the fact that VA will allow you to purchase a ome after BK is that a modular home and a manufactured home is not the same thing.

Manufactured Homes are sometimes called doublewides, singlewides. They are not treated as a stickbuilt home. Loans are a little more stringent on these types of homes, but they are not impossible. You just have to work with someone that knows what they are doing. Manufactured Homes can be financed through FHA, but are subject to structural inspections. Usually issues with thiese types of homes being attached real property, as far as a title search is concerned.


Modular Homes are homes that are brought in piece by piece and assembled on the job site and look like a regular Stick Built home. The financing does not differ from regular hoime financing. These homes are actually built better then a regular house because the frame is manufactured in a temperature controlled factory and them brought to the job site. I hope this clears up some of the confusion and bad information that is being passed around on this board.

Also you only need a 580 score to pruchase a home after the Discarge of a Chapter 7 BK with zero down. And you can buy a home while in a Chapter 13 just as long as the trustee Approves and you have a 12 month Chapter 13 Pay history. You can be approved for this loan with FHA OR VA while in a Chapter 13.

Nick Kusan
Professional Mortgage Consultant
"Top 25 Greater Columbus Home Mortgage Lenders," as Published by Business First

Forgive me, but the mortgage company that I work for WILL finance purchases as long as you are discharged out of BK, and have a score above 500. In fact, we even have day after discharge financing.

We also consider modular and mobile homes to be in or near the same category, and will not finance them because of their depreciation. Therefore, I don't look at saying that as "giving bad information." I personally wouldn't consider purchasing either because you can nowadays get a stick built home for about the same price. And in fact, fewer and fewer companies are financing doublewides OR modulars because they depreciate so rapidly, and are not considered a good investment. Here in Michigan, unless you go through a private lender, you can finance a modular or mobile, ONLY if you have more than 50% down, or to refinance, more than 50% equity.

The best advice? Every lender is different! Have a nice day.

[MTG_BANKER_OH]

Sorry, but if you've filed BK, the VA loan won't allow you to go through them for a house.

I also would not recommend purchasing a Modular, or a mobile home. The market to have them financed is at about 0 right now, because they depreciate, rather than appreciate. In fact, we don't work with ANY lenders who will even touch mobile home purchases or refinances!!!

BUT, $9000.00 is a great start for a down payment. In fact, we have some stick built houses in our area that go for about the same price as a mobile home. I would definitely look into that first!

Another thing besides the fact that VA will allow you to purchase a ome after BK is that a modular home and a manufactured home is not the same thing.

Manufactured Homes are sometimes called doublewides, singlewides. They are not treated as a stickbuilt home. Loans are a little more stringent on these types of homes, but they are not impossible. You just have to work with someone that knows what they are doing. Manufactured Homes can be financed through FHA, but are subject to structural inspections. Usually issues with thiese types of homes being attached real property, as far as a title search is concerned.


Modular Homes are homes that are brought in piece by piece and assembled on the job site and look like a regular Stick Built home. The financing does not differ from regular hoime financing. These homes are actually built better then a regular house because the frame is manufactured in a temperature controlled factory and them brought to the job site. I hope this clears up some of the confusion and bad information that is being passed around on this board.

Also you only need a 580 score to pruchase a home after the Discarge of a Chapter 7 BK with zero down. And you can buy a home while in a Chapter 13 just as long as the trustee Approves and you have a 12 month Chapter 13 Pay history. You can be approved for this loan with FHA OR VA while in a Chapter 13.

Nick Kusan
Professional Mortgage Consultant
"Top 25 Greater Columbus Home Mortgage Lenders," as Published by Business First

[crackerbear]

We were approved for a VA loan 2 years out of discharge in March of this year. We found a house in April and closed in June.

[tinroofrusted]

This information isnt correct.......you simply have to wait two years from your filing date, and must have re-established good credit, in order to utilize your VA Loan benefit, after filing for Chp7 BK.

Sorry.I should have clarified that.

I just didn't want someone coming and looking two months out of discharge, and thinking they could do that. I got ahead of myself.

[HRx]

Sorry, but if you've filed BK, the VA loan won't allow you to go through them for a house.

This information isnt correct.......you simply have to wait two years from your filing date, and must have re-established good credit, in order to utilize your VA Loan benefit, after filing for Chp7 BK.

[tinroofrusted]

I have the same questions. I am waiting for our BK to discharge the market is HORRIBLE right now. Houses are expensive here in Oralando, Fl My husband is a Veteran. Can we use the VA loan option? I would like to buy in around two years, so we can save around $9,000 for a down payment. Will that be an aduaget down payment? Will we have to pay closing? or will that make it so we can only buy less of a house?

Also I was looking into Modular Homes, would we be able to go that way? (not the mobile homes, the real homes shipped to site) the housing market is out of control here and we are on a Deputy Sheriffs pay. Pre BK our credit score was very low, will it go up right after BK (confused on how anyone could have a 600score and need to file BK if you are able to pay on your credit on time how and why would they file BK????)
Thanks for any advice

Suzie

Sorry, but if you've filed BK, the VA loan won't allow you to go through them for a house.

I also would not recommend purchasing a Modular, or a mobile home. The market to have them financed is at about 0 right now, because they depreciate, rather than appreciate. In fact, we don't work with ANY lenders who will even touch mobile home purchases or refinances!!!

BUT, $9000.00 is a great start for a down payment. In fact, we have some stick built houses in our area that go for about the same price as a mobile home. I would definitely look into that first!

[tinroofrusted]

*tap tap tap*

AHEM.

DO NOT WORRY ABOUT YOUR CREDIT SCORE!!!!


Make sure that you are worrying about what is on your credit report, and that it is being properly reported.

[J Armstr]

The best place to get your real FICO scores is at www.myfico.com/12
It costs $45 and you get all three files with actual scores. The ones sold invidivdually by each of the 3 players is there own score using their own formula.

[BDcarol]

Mortage - refinace

It has been one year since our final court date, we wanted to refinance since our mortage is 9 1/2 percent and the rate last year was around 4 1/2 - 5.
We were talked out of it. We were told no one would touch us..

So what is the truth / scoop on that? Should we try to refinance? We have never been late on a house payment even during the bankruptcy.

Any suggestions.. and perhaps a good place to start what finance company?

We have a fixed rate mortage.. want to keep it that way.

[almost_homeless]

For all of you here that are lenders or brokers...maybe you can answer this for me?

Who is pulling our leg?

--------------------------------------------------------------------------------

I recently got my credit report from all three reporting agencies. Exp. Trans. and Exq. Then i went and got my FICO scores (that i had to pay for) for all three agencies. Thinking all was well, i went to apply for a loan to get a home. The loan officer pulled my credit and FICO scores and denied me. The scores that she recieved were 60pts lower than what i had, sooooooooooo, i went back and bought those FICO scores again, paying for each, again, and they were the same as what i had 2 weeks earlier. Now i don't know what in the world is going on but someone is pulling my leg. Has anyone else had this experience? Is there anything i can do to prove to the Lender that i am not pulling these FICO scores from my butt? Please Help.
Thank you

[ronnieandsuzie]

using VA after BK how long and how much down?

Hello! I've been reading some of the messages out there.I was told that i eather had to wait for two years or come up with 20% for the down payment if I didn't want to wait the two year period.Now my situation is that I am getting ready to file and I am concerned wheather or not by filing will affect me useing my VA certificate.I am under the impression that I will not have to put any money down when useing it.I ordered a copy of my credit report from the 3 agencies and got a score from TransUnion,it shows my score at 523 right now will filing chapter 7 affect that as well? Please help!

I have the same questions. I am waiting for our BK to discharge the market is HORRIBLE right now. Houses are expensive here in Oralando, Fl My husband is a Veteran. Can we use the VA loan option? I would like to buy in around two years, so we can save around $9,000 for a down payment. Will that be an aduaget down payment? Will we have to pay closing? or will that make it so we can only buy less of a house?

Also I was looking into Modular Homes, would we be able to go that way? (not the mobile homes, the real homes shipped to site) the housing market is out of control here and we are on a Deputy Sheriffs pay. Pre BK our credit score was very low, will it go up right after BK (confused on how anyone could have a 600score and need to file BK if you are able to pay on your credit on time how and why would they file BK????)
Thanks for any advice

Suzie

[jzak423]

I know this subject has been covered a thousand times, but upon reading through all the old posts, I need an answer to something I read.....

I plan on buying a house after filing 7 (in a year or two of course) and I read in an old post that you can't refinance a house 4-7 years after filing. Is that only true if you owned the house prior to filing, or does that hold true if you bought after discharge.

Also, are there any other weird loopholes or problems I may have (besides higher rates) that I might encounter after discharge?