I believe the rule of thumb was two-three years out of bankruptcy/foreclosure before they look at anything. If you have a hardship reason why you went through that, (divorce, family medical issues, ect), a local bank may look into you other contributing factors like 20% down and no late payments for the last two years and bend the rules slightly. This usually only happens when you credit has rebounded, you have a strong work history, and with a bank that will keep the loan in house, (called portfolio).... more
Is there a reason credit wise you are seeking manual underwriting? My company offers credit score improvement services.
Have a blessed weekend.
CEO & SR Credit Repair Specialist
Everlasting Credit Repair... more
My experience has been that everything takes longer with Bank of America and I've not (nor will I) do a MSHDA transaction through Bank of America. I have closed a few this year with a smaller, regional, direct lender and at the time MSHDA was turning files inside of 1 month. Combing MSHDA and BofA, I would plan on at least 60 days.
Good luck to you, and happy holidays.... more
Very doubtful in this market. You can visit my website and send an email to some of the lenders to inquire , however I dont believe its going to be possible.
Some good news, with 20000 down, you should be able to purchase either with owner financing and or a lease purchase. Homeowners and motivated and 20000 is enough to make the deal happen.
Hope this helps. Steve Busse CRS, GRI, CLHMS WWW.STEVEBUSSE.COM
St Petersburg Real Estate... more