Chances of getting a loan based on below

[monkatom]

I would like to get a Loan in the near future. I have a BK discharged May 2008. I am currently going through a foreclosure. I know I will need a private mortgage due to this. I am looking for a condo priced about 140K and will have about 70K saved up plus 15K in 401K. Monthly debt is $170.00 for student loan and gross monthly pay is 11K. Credit scores if that matters are mid 600's. So do you think any credit unions, etc will lend to me?

[StartingOver08]

You don't get private loans from credit unions. You get them from sellers.
You find a property that is on the market where the seller is willing to hold a mortgage.

[monkatom]

maybe instead of private lender I should have used hard money loan??

[StartingOver08]

Stay away from the hard money loans - they are usually very high interest (extremely high); with a interest only loan and a three to five year balloon.

You are better off with seller financing.

[HHM]

With that sort of down payment, I think your odds are probably 50-50 with conventional financing.

[monkatom]

Thanks for the info. Our plan is to put 40% down on a small place and pay it off in a few years then try an get FHA since we will be 3 years from foreclosure as opposed to renting for three years. It would be nice to pay my mortgage as opposed to someone elses at the same time I would see me as a high risk. Thanks agian, you guys and gals seem to always have the answers.

[username1223]

I would like to get a Loan in the near future. I have a BK discharged May 2008. I am currently going through a foreclosure. I know I will need a private mortgage due to this. I am looking for a condo priced about 140K and will have about 70K saved up plus 15K in 401K. Monthly debt is $170.00 for student loan and gross monthly pay is 11K. Credit scores if that matters are mid 600's. So do you think any credit unions, etc will lend to me?

With that income why not just wait another year and save. The real estate market will likely continue to go down still and at least won't be moving up. Try to save at least 9000 month. Then just pay cash for a place and forget a loan.

[relief13035]

I praise you for having been able to save $70k since your discharge. I don't know anything about the lending practices nowadays, so I can't really comment. Just seems to me that with that sort of a down payment, there would be somebody out there willing to lend to you?????

It takes discipline to save like that. We are sure trying too. We have banked the beginning of a nest egg in the last 6 months during our BK process. The urge to go spend it all is still there, but we have completely changed our way of thinking.

Good Luck!!!

[monkatom]

sorry I may not have been clear. we are saving about 5K a month and by the time foreclosure happens we will hoepfully have close to 70K. Gross is 11K so after taxes is a lot less. After the house goes up for sale I was hoping to buy a small place which will be about the same as renting a small place. Thanks again for the info.

As far as saving I created a spreadhseet pay cash for almost everything and my wife and I always ask do we want something or need it. If we want it we do not buy it. Actually seeing where our money goes and seeing how much we can save by being diciplined has really opened our eyes.