Moving and want to buy a house

[BKer]

Hi, I will be moving in the next 60 days and I want to buy a house in my new location (IL). Any suggestions on where to go to find a decent mortgage company?

My BK was discharged and closed in September 2005. I know I am close to the 2 year mark, however waiting until September 07 won't really work. Credit scores in the 660+ range. I did the Lending Tree thing and had four offers, but they seemed all fake.

[MTG_BANKER_OH]

Hi, I will be moving in the next 60 days and I want to buy a house in my new location (IL). Any suggestions on where to go to find a decent mortgage company?

My BK was discharged and closed in September 2005. I know I am close to the 2 year mark, however waiting until September 07 won't really work. Credit scores in the 660+ range. I did the Lending Tree thing and had four offers, but they seemed all fake.

What did they offer you? Your best bet is going to be to wait until september though you will probably save money on the closing costs and get a much better rate. You may have a shot at FHA but it is tough to say without the reason for the BK. Another option would be to potentially rent the house for a few months until you reach the 2 year mark, there are many houses sitting on the market that are vacant and no offer would seem strange these days.

[tradewiz50]

Your best course of action in main scheme of things, is to just sit tight till September. If you must move than rent a short term apartment until September. The cost savings is well worth it. But, it's your nickel.

[BKer]

Could anyone PM me with a bank or broker they used to secure a mortgage after bankruptcy? I sure would appreciate it. I having a hard time finding someone. My credit score is 676, income is $108K, and would like to buy a home in the $250K - $300K range. I have approximately 3% to put down. My Ch7 BK is discharged/closed. It has been 20 months. Thanks!

[BKer]

Well, it took a lot of calling around, networking, and praying, but I received my approval for a home loan. I posted a question on yahoo answers and one person responded with the obvious that I didn't think of...ask your local realtor (we have known her for 7 yrs, now she's the broker) that you work with. Well I called her and she's like no problem and referred me to her loan officer for C21. The C21 mortgage guy was pretty unsure what to do (I was familiar with that) and he said "let's call the underwriter directly and put him on a 3-way". The underwriter and I talked for 90-min. He was asking me what happened, etc and told my wife and I that he was really impressed that after 20-mos following a BK our scores were 676 and 707, respectively. He also liked that we already established $30K unsecured credit. After all the discussion, he put us hold and came back saying we are approved. I didn't believe it, but early the next morning I rec'd my truth in lending and all other docs.

So...our loan is an 80/15/5 for $250K, 30-yr fix. The 80 is at 6.1% and the 15% is 7.5%. No docs needed other than 2 paychecks and 2 bank statements. He didn't even want to see the discharge, rental history, etc. There is no PMI and my only fee is the 1% origination fee.

After Quicken and NationPoint had been giving me a hard time, they called back yesterday afternoon saying that I was approved. Their numbers were really horrible. NationPoint had over $10K in closing costs. Quicken wanted me to buy down 3 points and pay 9% interest.

Makes me wonder...is NationPoint and Quicken taking advantage of us BK folks?

The C21 program I went through was called LandScape. It looks at your whole financial situation. Per C21, only they have it. I don't know that to be true.

Hope this experience helps someone else!

[MTG_BANKER_OH]

Well, it took a lot of calling around, networking, and praying, but I received my approval for a home loan. I posted a question on yahoo answers and one person responded with the obvious that I didn't think of...ask your local realtor (we have known her for 7 yrs, now she's the broker) that you work with. Well I called her and she's like no problem and referred me to her loan officer for C21. The C21 mortgage guy was pretty unsure what to do (I was familiar with that) and he said "let's call the underwriter directly and put him on a 3-way". The underwriter and I talked for 90-min. He was asking me what happened, etc and told my wife and I that he was really impressed that after 20-mos following a BK our scores were 676 and 707, respectively. He also liked that we already established $30K unsecured credit. After all the discussion, he put us hold and came back saying we are approved. I didn't believe it, but early the next morning I rec'd my truth in lending and all other docs.

So...our loan is an 80/15/5 for $250K, 30-yr fix. The 80 is at 6.1% and the 15% is 7.5%. No docs needed other than 2 paychecks and 2 bank statements. He didn't even want to see the discharge, rental history, etc. There is no PMI and my only fee is the 1% origination fee.

After Quicken and NationPoint had been giving me a hard time, they called back yesterday afternoon saying that I was approved. Their numbers were really horrible. NationPoint had over $10K in closing costs. Quicken wanted me to buy down 3 points and pay 9% interest.

Makes me wonder...is NationPoint and Quicken taking advantage of us BK folks?

The C21 program I went through was called LandScape. It looks at your whole financial situation. Per C21, only they have it. I don't know that to be true.

Hope this experience helps someone else!

That is a good deal, I would definitley take it. Please let us know how it goes.

[cap350z]

In response to Bker mtg.

Congratulations to you Bker.

At this very evening I have started my search for a home. I'm shy about the search, reason being that I keep reviewing post that explain that one should wait 24 months after a discharge. In the meantime I have been really trying to boost my credit scores. My scores are close to what you have posted, but everyones situation is different, so I'm trying to get to at 700.

I certainly do appreciate reading your experience, it helps to see that there is light at the end of the tunnel, for people like me who are really trying hard to get themselves re-established after a bankruptcy. A home is the first step in my opinion that will demonstrate to myself that I have made it back to normal.

Thanks for sharing.

[BKer]

Just wanted to update you all. C21 came through with the Landscape program. I closed today with no hiccups.

I ended up buying a home a bit more than I planned...$289K instead of $250K and C21 didn't give me any problems with that.

If you want a contact, please feel free to pm me.