Financing in 49203>Question Details

Brewster1958, Both Buyer and Seller in 49201

Can a person get a home mortgage with "zero" credit rating?

Asked by Brewster1958, 49201 Mon Oct 18, 2010

Went bankrupt last year, and didn't have any loans to reaffirm. Now I have zero credit.

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Daniel’s answer
I dont want to be rude, but when u went bankrupt, all those people who trusted you to pay them back lost their money.


Would you loan money to a person like that??


Best advise, get your financial life in order, pay off all your bankrupt victims, save your money, rebuild your credit
0 votes Thank Flag Link Sun Nov 14, 2010
Sorry, you need to have a least 2 credit scores showing at least a 12 month history or payments. There is more to this and I explain more if want.
0 votes Thank Flag Link Tue Nov 2, 2010
I would try to buy a house on Land Contract or Rent with an Option to purchase. There are houses out there on the market today that will look at Land Contracts or Renting with an Option to Purchase. I would be more then happy to send you the complete list.
With a land contract you will need about 10-20% of the home purchase price as a down payment.
0 votes Thank Flag Link Tue Nov 2, 2010
Hello,
Regarding your financial situation, having gone thru a bankruptcy will compound everything. I would suggest trying to buy a home on a land contract. You would be required to put down payment, make monthly payments over a period of time till you reach the point where you get your seller out of the deal. This type of transaction gives you the opportunity to buy a home sooner & have future ownership, with starting out with less credit. The only catch is you may have to provide a credit report. Good Luck!
Nathan LaZebnik
0 votes Thank Flag Link Tue Oct 19, 2010
Brewster- If you would like some answers to your questions and want someone to talk to face to face please feel free to stop by our office in Jackson at 604 Wildwood Ave or give me a call and I can meet you for a one on one conversation..Thanks, Michael Beiswanger 517-392-5894
0 votes Thank Flag Link Tue Oct 19, 2010
I guess that Karla pulled her answer, but don't think that using a reverse mortgage is that stupid. I just doubt that someone who had to declare bankcruptcy after the age of 62 would have the assets required to get the amount need to use a reverse mortgage as a purchase. If, however, someone were willing to give them the amount of money required, and a person were over 62, they could do this. I number of months ago I did a reverse mortgage for someone who's home is in foreclosure.
0 votes Thank Flag Link Tue Oct 19, 2010
No, you will normally will need to have at least 2 scores. Even with a credit score you normally need 12 months payment history.
0 votes Thank Flag Link Tue Oct 19, 2010
Reverse mortgage?!?!

That was a good one for some afternoon humor.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Mon Oct 18, 2010
I did not read the 2nd line of the question. So, let me revise my answer.

If the bankruptcy was last year, then you will have to wait 2 years from the time the bankruptcy was discharged (emphasis on discharge) to apply for a loan. A couple months before that time, I suggest you speak to a loan officer and ask what programs might be right for you and what you need to do to re-establish your credit.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Mon Oct 18, 2010
Uhhh., Karla, he went bankrupt. He doesn't HAVE a mortgage to reverse.....
0 votes Thank Flag Link Mon Oct 18, 2010
Des, he declared bankruptcy last year. The answer is still no. You need 24 months from your bankruptcy DISCHARGE date, not from when you declared and you need NO credit dings in that 24 month period. Then, possibly, a lender can use the other stuff to get you credit.
0 votes Thank Flag Link Mon Oct 18, 2010
I believe you can. Loan officers who have experience with this can better assist you. My understanding is you can use non-traditional forms of credit such as cell phone bills, utility bills, or you can get a secured credit card.

Mortgage professionals what's your take on this?
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Mon Oct 18, 2010
You should probably start by getting a small credit card- like from Lowes, Kohl's or some where like that and charge something small, like $50, then pay it off the following month, then recharge another small ampunt, then pay it off, etc. Stuff like that will help rebuild credit.
I know of no banks that will loan with a BK within the past few years, some have to wait 5 years. I would suggest finding a home on land contract or lease with option. I would be more then happy to send you a list of homes like that.
0 votes Thank Flag Link Mon Oct 18, 2010
A BK from last year send you into a spot where no conventional, FHA or VA lender will do anything.

If you can't get a seller to hold paper, their may be some ugly rat guys, but for now, work on fixing your credit.
Web Reference: http://fglick.com
0 votes Thank Flag Link Mon Oct 18, 2010
No, you can't.............................
0 votes Thank Flag Link Mon Oct 18, 2010
Brewster,
I would suggest the lender below help you with this question. I have attached a direct link to his website. Let me know if I can be of more assistance.
Doug
517-914-9555
0 votes Thank Flag Link Mon Oct 18, 2010
I will stay tuned to see what the loan professionals have to say, but I believe the BK will need to be discharged for a minimum of 2 years, and you should likely be working with a credit repair specialist to help you get the right plan in-motion so you are prepared as quickly as possible.

Good luck to you.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Mon Oct 18, 2010
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