Financing in 95006>Question Details

stevea, Home Buyer in Boulder Creek, CA

Any Hard money lender, santa cruz county, CA with 20% LTV for 1 or 3 year term?

Asked by stevea, Boulder Creek, CA Sat Mar 23, 2013

I had a Chapter 7 bk discharged in June 2010; my house was surrendered in the bk, but the bank didn't claim the title until April, 2011. I'm about to write an offer on a property based on the FHA DU accepting my current credit file (683 FICO) and salary (200k ). This would be my primary residence and I'll be putting down 20% of the 400k asking price while having enough left over for closing costs, points, etc.

I want to be prepared though - if the FHA loan doesn't get underwritten, I don't want to lose this property and would consider the more expensive loan options, if any were to be available.

My income is stable - silicon valley computer company, I've been there since 1996 (with a short stint at a startup in 2006 - which is where my financial problems leading to bk started...)

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I may be able to help you - by referring you to someone. However, I do believe most hard money lenders require a more significant deposit (around 50%) but, if you email me, I am happy to pass your information on....
0 votes Thank Flag Link Tue Aug 6, 2013
The reason the bank claim Title so late in the process is because they cannot foreclose without sustained delinquency. This is why they don't immediatly "take the house back" when your BK is discharged.

It seems that FHA should allow for this loan as long as, and per their guidelines; "provided the reason for the bankruptcy was due to extenuating circumstances, and the borrower hasexhibited the ability to manage their financial affairs, and the reason for the bakruptcy is not likely to happen again.."

Cheers
0 votes Thank Flag Link Sat Mar 23, 2013
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